S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3997
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2021
                                ___________
 
 Introduced  by  M. of A. COLTON, CAHILL, WEPRIN -- Multi-Sponsored by --
   M. of A.  ABINANTI -- read once and referred to the Committee on  Ways
   and Means
 
 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.
   § 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
 whole or in part and any project related to such  projects,  whether  or
              

 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05753-01-1

 A. 3997                             2
 
 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.
   § 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.
   § 4. This act shall take effect immediately.