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S02869 Text:

                STATE OF NEW YORK
                               2023-2024 Regular Sessions
                    IN SENATE
                                    January 25, 2023
        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Judiciary
        AN ACT to amend the eminent domain procedure law, in relation to requir-
          ing financial reports for real property acquired by the state, includ-
          ing any agencies and authorities, through eminent domain

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. The eminent domain procedure law is amended by adding a new
     2  section 306 to read as follows:
     3    §  306.  Financial impact reports. Notwithstanding any other provision
     4  of law to the contrary, any contract entered into  by  a  state  agency,
     5  state  authority  or  a  local  development corporation under which such
     6  local development corporation is engaged in providing  or  administering
     7  economic development benefits on behalf of the state and expending state
     8  capital  appropriations  in  connection  with any project or action that
     9  invokes the power of eminent domain pursuant  to  this  chapter  on  the
    10  basis  of  economic development, as determined by judicial review, shall
    11  be accompanied by a financial impact report. Such report shall  include,
    12  but  not  be limited to (i) an analysis of the estimated costs and bene-
    13  fits of the proposed project or action; (ii)  the  estimated  amount  of
    14  retained  or  additional  tax  revenue  estimated to be derived from the
    15  project for the next three succeeding years; (iii) the amount of assist-
    16  ance received by the local development corporation  in  the  form  of  a
    17  loan,  grant,  or tax benefit since the beginning of the project period;
    18  and (iv) the present value of the  future  assistance  estimated  to  be
    19  given  for  the  duration  of  the  project period. Where such report is
    20  prepared by a local development corporation, the state agency  or  state
    21  authority,  in  consultation  with such other state agencies as it deems
    22  appropriate, shall review  such  report  and  make  recommendations,  if
    23  necessary.
    24    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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