S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   390

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

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.
                                                           LBD00855-01-1

S. 390                              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.