S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8640
 
                             I N  S E N A T E
 
                             February 26, 2024
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend subpart H of part C of chapter 20 of the laws  of  2015,
   relating to appropriating money for certain municipal corporations and
   school  districts, in relation to authorizing funding to local govern-
   ment entities from the urban development corporation

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Section 1 of subpart H of part C of chapter 20 of the laws
 of 2015, relating to appropriating money for  certain  municipal  corpo-
 rations  and  school  districts,  as  amended by section 1 of part XX of
 chapter 55 of the laws of 2021, is amended to read as follows:
   Section 1. Contingent  upon  available  funding,  and  not  to  exceed
 $140,000,000  moneys  from  the  urban  development corporation shall be
 available for a local government entity, which for the purposes of  this
 section  shall  mean  a  county, city, town, village, school district or
 special district, where (i) on or  after  June  25,  2015,  an  electric
 generating  facility  located  within  such  local government entity has
 ceased operations, and (ii) the closing of such facility  has  caused  a
 reduction  in  the  real property tax collections or payments in lieu of
 taxes of at least twenty percent owed by such electric generating facil-
 ity. Such moneys attributable to the cessation of operations,  shall  be
 paid  annually on a first come, first served basis by the urban develop-
 ment corporation to such local government  entity  within  a  reasonable
 time  upon  confirmation  from  the  state  office  of real property tax
 services or  the  local  industrial  development  authority  established
 pursuant  to  titles  eleven  and fifteen of article eight of the public
 authorities law, or the local industrial development agency  established
 pursuant  to  article  eighteen-A of the general municipal law that such
 cessation  has  resulted  in  a  reduction  in  the  real  property  tax
 collections  or  payments  in lieu of taxes, provided, however, that the
 urban development corporation shall not provide assistance to such local
 government entity for more than  [seven]  TEN  years,  and  shall  award
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14161-02-4
              

 S. 8640                             2
 
 payments  reflecting  the loss of revenues due to the cessation of oper-
 ations as follows:
 
         Award Year                Maximum Potential Award
             1           no more than eighty percent of loss of revenues
             2           no more than seventy percent of loss of revenues
             3           no more than sixty percent of loss of revenues
             4           no more than fifty percent of loss of revenues
             5           no more than forty percent of loss of revenues
             6           no more than thirty percent of loss of revenues
             7           no more than twenty percent of loss of revenues
             8           NO MORE THAN TWENTY PERCENT OF LOSS OF REVENUES
             9           NO MORE THAN TWENTY PERCENT OF LOSS OF REVENUES
             10          NO MORE THAN TWENTY PERCENT OF LOSS OF REVENUES
 
   A  local  government  entity shall be eligible for only one payment of
 funds hereunder per year.  A local government entity may seek assistance
 under the electric generation facility cessation mitigation fund once  a
 generator  has submitted its notice to the federally designated electric
 bulk system operator (BSO) serving the state of New York of  its  intent
 to retire the facility or of its intent to voluntarily remove the facil-
 ity  from  service  subject  to  any return-to-service provisions of any
 tariff, and that the facility also is ineligible to participate  in  the
 markets  operated  by the BSO. The date of submission of a local govern-
 ment entity's application for assistance shall establish  the  order  in
 which  assistance is paid to program applicants, except that in no event
 shall assistance be paid to a local government entity  until  such  time
 that an electric generating facility has retired or become ineligible to
 participate  in  the  markets  operated by the BSO. For purposes of this
 section, any local government entity seeking assistance under the  elec-
 tric generation facility cessation mitigation fund must submit an attes-
 tation  to the department of public service that a facility is no longer
 producing electricity and is no longer participating in markets operated
 by the BSO. After receipt of such attestation, the department of  public
 service  shall  confirm  such information with the BSO. In the case that
 the BSO confirms to the department of public service that  the  facility
 is no longer producing electricity and participating in markets operated
 by  such  BSO,  it shall be deemed that the electric generating facility
 located within the local government entity  has  ceased  operation.  The
 department  of  public  service  shall  provide such confirmation to the
 urban development corporation upon receipt.  The  determination  of  the
 amount  of  such  annual payment shall be determined by the president of
 the urban development corporation based on the amount of  the  differen-
 tial  between  the  annual  real  property taxes and payments in lieu of
 taxes imposed upon the facility, exclusive of  interest  and  penalties,
 during  the  last year of operations and the current real property taxes
 and payments in lieu of taxes imposed upon the  facility,  exclusive  of
 interest and penalties. The total amount awarded from this program shall
 not exceed $140,000,000.
   § 2. This act shall take effect immediately.