Provides the International Boxing Hall of Fame the option to purchase the reverter interest of certain lands conveyed by the New York state thruway authority.
STATE OF NEW YORK
________________________________________________________________________
7854--A
2021-2022 Regular Sessions
IN ASSEMBLY
May 28, 2021
___________
Introduced by M. of A. SALKA -- read once and referred to the Committee
on Corporations, Authorities and Commissions -- recommitted to the
Committee on Corporations, Authorities and Commissions in accordance
with Assembly Rule 3, sec. 2 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend chapter 254 of the laws of 2013 relating to authorizing
the New York state thruway authority to convey certain land located in
the village of Canastota, county of Madison relating to the use and
development of such land, in relation to providing the International
Boxing Hall of Fame the option to purchase the reverter interest in
such land
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 5 of chapter 254 of the laws of 2013 relating to
2 authorizing the New York state thruway authority to convey certain land
3 located in the village of Canastota, county of Madison, as amended by
4 chapter 129 of the laws of 2018, is amended to read as follows:
5 § 5. The authorizations to transfer and convey land pursuant to this
6 act shall be subject to the requirement that such lands shall be used
7 exclusively by the International Boxing Hall of Fame for the purposes of
8 developing, expanding and operating a boxing hall of fame and museum. In
9 the event that the lands cease to be used for such purposes, or if such
10 lands are not developed within 10 years from the effective date of this
11 act, title to such lands and any improvements thereon shall revert to
12 the people of the state of New York under the jurisdiction of the New
13 York state thruway authority. The International Boxing Hall of Fame may
14 purchase the reverter interest from the people of the state of New York
15 at the current fair market value less the value of any improvements
16 thereto as determined by independent certified appraisal or appraisals,
17 and less any proportionate consideration previously paid.
18 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD11445-04-2
