S T A T E O F N E W Y O R K
________________________________________________________________________
4530--A
2009-2010 Regular Sessions
I N S E N A T E
April 24, 2009
___________
Introduced by Sen. KRUEGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Corporations, Authorities
and Commissions -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee
AN ACT relating to large capital projects to be financed in whole or in
part with public funds and the disclosure of such projects
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Legislative findings. The legislature finds that there are
in the city of New York many large capital projects to be financed in
whole or in part with public funds or to be supported by tax and other
public incentives and which are crucial to the economic and cultural
interests of such city and the state of New York as a whole, and which
are at some stage of proposal, planning or implementation. The legisla-
ture further finds that it is important that a full disclosure be made
of the details of such projects, their projected costs to the city and
state and to public benefit corporations, the projected benefits, the
reasons why some of them have been delayed and why some of the proposals
have been modified. Accordingly, it is critical that the New York state
urban development corporation, also known as the Empire State Develop-
ment Corporation, provide a prompt report to the legislature on such
projects so the legislature may provide the necessary policy determi-
nations and establish appropriate priorities so that necessary projects
can proceed.
S 2. As used in this act, the following terms shall have the following
meanings:
1. The term "corporation" shall mean the New York state urban develop-
ment corporation established by chapter 174 of the laws of 1968.
2. The term "chair" shall mean the chairman of the board of directors
of the corporation.
3. The term "projects" shall mean all development, redevelopment,
construction, repair, and refurbishment projects within the city of New
York in which the corporation or any subsidiary or affiliate of the
corporation is involved with the planning, financing, or contracting in
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04802-05-9
S. 4530--A 2
whole or in part and any project related to such projects, whether or
not the corporation or its subsidiary or affiliate is involved. The
projects, for the purposes of this act shall be grouped into three sets
as follows:
a. The west side redevelopment projects, which shall mean projects
located on the West side of midtown Manhattan including, without limita-
tion, projects named or sometimes referred to as follows: Javits Conven-
tion Center redevelopment; Moynihan Station and Pennsylvania Station
redevelopment; the 7 line subway extension, the Hudson Yards develop-
ment, the Boulevard, and the ARC project.
b. The lower Manhattan redevelopment projects, including all projects
located at or near the site of the former World Trade Center buildings
and related to reconstruction or replacement of buildings destroyed or
damaged in the heinous terrorist acts of September 11, 2001, and all
associated mass transportation facilities in that area.
c. All other projects within the city of New York, including but not
limited to the Atlantic Yards development, Willetts Point development
and Sunnyside Yards development.
d. Any other project in the region that in the judgment of the chair-
man of the board of the corporation should be a part of the report that
is required by section three of this act.
S 3. The chair shall prepare and deliver to the governor, the tempo-
rary president of the senate, the minority leader of the senate, the
speaker of the assembly the minority leader of the assembly, the chair-
person of the senate corporations, authorities and commissions committee
and the chairperson of the assembly corporations, authorities and
commissions committee not later than 45 days after the effective date of
this act a comprehensive report on each of the projects individually and
as they interact with and have any effect on the other. In preparing
such report, the chair shall consult with private developers, and
government officials and agencies involved with each project, including
without limitation, the port authority of New York and New Jersey, the
lower Manhattan development corporation, the metropolitan transportation
authority, the office of the mayor of the city of New York, the city
council of the city of New York, and the governor of the state of New
York, and any other person or institution deemed appropriate. All such
officials and agencies are hereby authorized and directed to consult
with and assist the chair in the preparation of such report.
Such report shall discuss all aspects of the progress of each project
relating to planning, financing, permitting, contracting, constructing,
and occupying such project, with comments on the current situation
relating to organizational, legal, financial, economic and construction
status and prospects, and the impact of such project, if any, on the
capital needs of the metropolitan transportation authority, with refer-
ence to differing opinions from various stakeholders and parties
involved to the extent that such opinions exist. The report shall make
recommendations with regard to the goals of each project and the recom-
mended methods to achieve such goals. It shall also present an analysis
of the potential financing of each project, including incentives, bene-
fits, subsidies, and revenues to be provided by any governmental unit or
public benefit corporation and the economic impact that the project is
expected to have on the city of New York, the state of New York, and the
metropolitan area centered in the city of New York, and a comparison of
expected benefits with anticipated costs.
S 4. This act shall take effect immediately.
