S T A T E O F N E W Y O R K
________________________________________________________________________
10289
I N A S S E M B L Y
May 17, 2024
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Weprin) --
read once and referred 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:
Section 1. The eminent domain procedure law is amended by adding a new
section 306 to read as follows:
§ 306. FINANCIAL IMPACT REPORTS. NOTWITHSTANDING ANY OTHER PROVISION
OF LAW TO THE CONTRARY, ANY CONTRACT ENTERED INTO BY A STATE AGENCY,
STATE AUTHORITY OR A LOCAL DEVELOPMENT CORPORATION UNDER WHICH SUCH
LOCAL DEVELOPMENT CORPORATION IS ENGAGED IN PROVIDING OR ADMINISTERING
ECONOMIC DEVELOPMENT BENEFITS ON BEHALF OF THE STATE AND EXPENDING STATE
CAPITAL APPROPRIATIONS IN CONNECTION WITH ANY PROJECT OR ACTION THAT
INVOKES THE POWER OF EMINENT DOMAIN PURSUANT TO THIS CHAPTER ON THE
BASIS OF ECONOMIC DEVELOPMENT, AS DETERMINED BY JUDICIAL REVIEW, SHALL
BE ACCOMPANIED BY A FINANCIAL IMPACT REPORT. SUCH REPORT SHALL INCLUDE,
BUT NOT BE LIMITED TO (I) AN ANALYSIS OF THE ESTIMATED COSTS AND BENE-
FITS OF THE PROPOSED PROJECT OR ACTION; (II) THE ESTIMATED AMOUNT OF
RETAINED OR ADDITIONAL TAX REVENUE ESTIMATED TO BE DERIVED FROM THE
PROJECT FOR THE NEXT THREE SUCCEEDING YEARS; (III) THE AMOUNT OF ASSIST-
ANCE RECEIVED BY THE LOCAL DEVELOPMENT CORPORATION IN THE FORM OF A
LOAN, GRANT, OR TAX BENEFIT SINCE THE BEGINNING OF THE PROJECT PERIOD;
AND (IV) THE PRESENT VALUE OF THE FUTURE ASSISTANCE ESTIMATED TO BE
GIVEN FOR THE DURATION OF THE PROJECT PERIOD. WHERE SUCH REPORT IS
PREPARED BY A LOCAL DEVELOPMENT CORPORATION, THE STATE AGENCY OR STATE
AUTHORITY, IN CONSULTATION WITH SUCH OTHER STATE AGENCIES AS IT DEEMS
APPROPRIATE, SHALL REVIEW SUCH REPORT AND MAKE RECOMMENDATIONS, IF
NECESSARY.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04638-01-3
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