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

                                  1307

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M.  of  A.  JEFFRIES,  BRENNAN, MILLMAN -- read once and
  referred to the Committee on Corporations, Authorities and Commissions

AN ACT to amend the public authorities law, in relation to enacting  the
  "Atlantic Yards governance act"

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Legislative findings and  intent.  The  legislature  hereby
finds, determines and declares the following:
  1.  The  planning  and  development of the Atlantic Yards project is a
matter of state concern and in the interest of the people of the  state.
It  may  include  both  market  rate  and below market housing, new open
space, commercial and retail development and  a  sports  arena  for  New
Yorkers,  as  well as alleviate unsatisfactory conditions of the current
site.
  2. It is in the public interest for the state and city of New York  to
act  together  to  oversee the development of the Atlantic Yards project
and to ensure the public is fully engaged and involved  in  the  design,
development,  and  operation  of the project, and in the development and
implementation of policies to mitigate the project's  anticipated  envi-
ronmental impacts.
  3.    It is intended that the Atlantic Yards development trust, to the
extent provided and subject to the limitations set forth  in  this  act,
replace the New York state urban development corporation with respect to
its  authority  over the project, for among other things, the completion
of the development process and the construction, operation  and  mainte-
nance of the project, all in accordance with this act.
  4. The legislature finds that this act is in the public interest, is a
matter  of state concern, and is necessary to accomplish these important
public purposes. The legislature intends that  this  act  shall  operate

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04630-01-1
              

A. 1307                             2

exclusively  for  purposes  relating  to the promotion of the health and
social welfare of the people of the state.
  S  2.  Short  title.  This  act shall be known and may be cited as the
"Atlantic Yards governance act".
  S 3. Article 8 of the public authorities law is amended  by  adding  a
new title 5 to read as follows:
                                  TITLE 5
                      ATLANTIC YARDS GOVERNANCE ACT
SECTION 1700. DEFINITIONS.
        1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1705. OTHER STATE LAWS AND AGENCIES.
        1706. NOTICE OF TORT.
        1707. TAX EXEMPTIONS.
        1708. STAKEHOLDER COUNCIL.
  S  1700. DEFINITIONS. AS USED IN THIS TITLE, THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS, UNLESS THE CONTEXT CLEARLY REQUIRES  OTHER-
WISE:
  1. "BOARD" MEANS THE BOARD OF DIRECTORS OF THE ATLANTIC YARDS DEVELOP-
MENT TRUST.
  2.  "GENERAL PROJECT PLAN" MEANS THE "ATLANTIC YARDS LAND USE IMPROVE-
MENT AND CIVIC PROJECT GENERAL PROJECT PLAN" DATED JULY EIGHTEENTH,  TWO
THOUSAND  SIX,  AND  ANY SUCCESSOR PLAN OR STATEMENT OF FINDINGS CREATED
THEREAFTER CONSISTENT WITH THE STATE ENVIRONMENTAL QUALITY  REVIEW  ACT;
PROVIDED  THAT  THE  GENERAL  PROJECT PLAN SHALL BE CONSISTENT WITH THIS
TITLE.
  3. "ATLANTIC YARDS" OR "THE PROJECT" MEANS THE AREA IN THE CITY OF NEW
YORK AND COUNTY OF KINGS ROUGHLY BOUNDED BY FLATBUSH AND FOURTH  AVENUES
TO  THE  WEST,  VANDERBILT  AVENUE  TO  THE EAST, ATLANTIC AVENUE TO THE
NORTH, AND DEAN AND PACIFIC STREETS  TO  THE  SOUTH  AND  INCLUDING  THE
APPROXIMATELY  NINE-ACRE  BELOW-GRADE  LONG  ISLAND RAIL ROAD VANDERBILT
STORAGE YARD AND METROPOLITAN TRANSPORTATION AUTHORITY STORAGE YARD  FOR
INACTIVE NEW YORK CITY TRANSIT AUTHORITY BUSES.
  4.  "ATLANTIC  YARDS  DEVELOPMENT  TRUST"  OR "TRUST" MEANS THE PUBLIC
BENEFIT CORPORATION ESTABLISHED PURSUANT TO  SECTION  SEVENTEEN  HUNDRED
ONE OF THIS TITLE.
  S 1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.  1. THERE IS
HEREBY  CREATED  THE  ATLANTIC  YARDS DEVELOPMENT TRUST WHICH SHALL BE A
BODY CORPORATE AND POLITIC, CONSTITUTING A PUBLIC  BENEFIT  CORPORATION.
THE TRUST SHALL COME INTO EXISTENCE UPON THE THIRTIETH DAY FOLLOWING THE
APPOINTMENT  OF  NOT  FEWER  THAN  EIGHT  MEMBERS OF ITS BOARD AS HEREIN
PROVIDED, AND THE TRUST AND ITS CORPORATE EXISTENCE SHALL CONTINUE UNTIL
TERMINATED BY THE LEGISLATURE. THE TRUST SHALL HAVE THE RIGHTS,  POWERS,
RESPONSIBILITIES  AND  DUTIES  SET  FORTH  IN THIS TITLE, SUBJECT TO THE
LIMITATIONS SET FORTH HEREIN, AND IT SHALL REPLACE THE  NEW  YORK  STATE
URBAN  DEVELOPMENT  CORPORATION,  IN  ITS  AUTHORITY  OVER THE PLANNING,
DESIGN, CONSTRUCTION, OPERATION AND MAINTENANCE OF THE PROJECT. UPON THE
COMING INTO EXISTENCE OF THE TRUST,  THE  TRUST  SHALL  SUCCEED  TO  ALL
CONTRACTS,  LEASES,  LICENSES AND OTHER LEGAL OBLIGATIONS RESPECTING THE
PROJECT TO WHICH ITS PREDECESSORS ARE PARTY AT OR  AFTER  THE  EFFECTIVE
DATE OF THIS TITLE; PROVIDED THAT THE TRUST SHALL NOT ASSUME ANY DEBT OR
FINANCIAL  OBLIGATION  TO ANY PUBLIC BENEFIT CORPORATION OR GOVERNMENTAL
ENTITY.

A. 1307                             3

  2. THE MEMBERS OF THE BOARD OF THE ATLANTIC  YARDS  DEVELOPMENT  TRUST
BOARD  SHALL BE RESIDENTS OF THE CITY OF NEW YORK AND SHALL BE APPOINTED
AS FOLLOWS:
  (A)  EIGHT  MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF
THE GOVERNOR, AT LEAST ONE OF  WHOM  SHALL  BE  A  REPRESENTATIVE  OF  A
NOT-FOR-PROFIT, NON-GOVERNMENTAL ENVIRONMENTAL OR CIVIC ORGANIZATION.
  (B)  TWO MEMBERS SHALL BE APPOINTED BY THE SPEAKER OF THE ASSEMBLY, IN
CONSULTATION WITH  THE  MEMBER  OF  THE  ASSEMBLY  THAT  REPRESENTS  THE
DISTRICT OR DISTRICTS IN WHICH THE PROJECT IS LOCATED.
  (C)  TWO  MEMBERS SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
SENATE, IN CONSULTATION WITH THE SENATOR THAT REPRESENTS THE DISTRICT OR
DISTRICTS IN WHICH THE PROJECT IS LOCATED.
  (D) TWO MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF THE
MAYOR OF THE CITY OF NEW YORK.
  (E) ONE MEMBER SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF  THE
BOROUGH  PRESIDENT OF THE BOROUGH OF BROOKLYN, APPOINTED IN CONSULTATION
WITH BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT.
  (F) ONE NON-VOTING MEMBER SHALL BE APPOINTED BY THE STAKEHOLDER  COUN-
CIL AS PROVIDED IN SECTION SEVENTEEN HUNDRED EIGHT OF THIS TITLE.
  (G)  EACH  APPOINTING  AUTHORITY,  WITH  THE EXCEPTION OF THE BROOKLYN
BOROUGH PRESIDENT AND THE STAKEHOLDER COUNCIL, MAY APPOINT NO MORE  THAN
HALF THEIR MEMBERS AS CITY OR STATE EMPLOYEES.
  3. EACH MEMBER SHALL SERVE A TWO YEAR TERM COMMENCING ON JANUARY FIRST
IN  ODD  NUMBERED  YEARS.  TRUST  MEMBERS  SHALL BE ELIGIBLE TO BE REAP-
POINTED.
  4. EACH MEMBER, EXCEPT FOR THE NON-VOTING MEMBER, OF THE  BOARD  SHALL
BE  ENTITLED  TO  ONE  VOTE ON ALL MATTERS VOTED ON BY THE BOARD.  EIGHT
MEMBERS SHALL CONSTITUTE A QUORUM. ALL ACTIONS AUTHORIZED BY A  VOTE  OF
THE  BOARD  SHALL  REQUIRE  THE AFFIRMATIVE VOTE OF A QUORUM IN ORDER TO
PASS. THE CHAIR SHALL BE DESIGNATED BY THE GOVERNOR AND SERVE  AS  CHAIR
AT  THE PLEASURE OF THE GOVERNOR, AND THE VICE-CHAIR SHALL BE DESIGNATED
BY THE MAYOR OF THE CITY OF NEW YORK AND SERVE AT THE  PLEASURE  OF  THE
MAYOR.  DESIGNATION  AS  CHAIR  OR VICE-CHAIR SHALL BE FOR A TERM OF TWO
YEARS.
  5. MEMBERS OF THE BOARD SHALL NOT BE COMPENSATED  FOR  THEIR  SERVICES
BUT  MAY  BE REIMBURSED FOR THEIR NECESSARY AND ACTUAL EXPENSES INCURRED
IN CONNECTION WITH THE PERFORMANCE OF THEIR DUTIES. THE BOARD MAY  DELE-
GATE TO ONE OR MORE OF ITS MEMBERS OR TO ITS OFFICERS, AGENTS OR EMPLOY-
EES SUCH POWERS AND DUTIES AS IT MAY DEEM PROPER.
  6.  IT  SHALL  NOT  BE  DEEMED  A CONFLICT OF INTEREST FOR A PERSON TO
SIMULTANEOUSLY HOLD POSITIONS AS A MEMBER OF THE BOARD AND AS AN OFFICER
OF THE TRUST. NO PUBLIC OFFICER OR EMPLOYEE SHALL FORFEIT OR  BE  DEEMED
TO  HAVE FORFEITED SUCH PUBLIC OFFICE OR EMPLOYMENT BY ACCEPTING MEMBER-
SHIP ON THE BOARD.
  S 1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST. THE TRUST IS
HEREBY CREATED TO PERMIT THE  FOLLOWING  PURPOSES  TO  BE  FULFILLED  IN
ACCORDANCE WITH THIS TITLE:
  1.  TO  PLAN,  DESIGN,  DEVELOP,  CONSTRUCT,  OPERATE AND MAINTAIN THE
PROJECT;
  2. TO CREATE AFFORDABLE AND MARKET-RATE HOUSING, TO CREATE NEW  PUBLIC
OPEN SPACE AND COMMERCIAL AND RETAIL DEVELOPMENT;
  3.  TO  ENSURE  THE PUBLIC IS FULLY INVOLVED AND ENGAGED IN THE GOVER-
NANCE OF THE PROJECT;
  4. TO COOPERATE, AND TO COORDINATE MATTERS RELATING  TO  THE  PROJECT,
WITH  THE FEDERAL GOVERNMENT, THE STATE AND THE CITY OF NEW YORK AS WELL
AS WITH COMMUNITY, ENVIRONMENTAL, AND CIVIC GROUPS;

A. 1307                             4

  5. TO ACCEPT APPROPRIATIONS, SUBSIDIES AND GRANTS FROM FEDERAL,  STATE
AND LOCAL GOVERNMENTS; AND
  6.  TO  RECEIVE  RENTS,  PAYMENTS IN LIEU OF TAXES, AND OTHER REVENUES
GENERATED WITHIN THE PROJECT, AND TO USE THE  SAME  SOLELY  TO  IMPROVE,
OPERATE AND MAINTAIN THE PROJECT.
  S  1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. 1. TO FULFILL
ITS PURPOSES UNDER THIS  TITLE,  THE  TRUST  SHALL  HAVE  THE  FOLLOWING
POWERS,  FUNCTIONS,  DUTIES AND AUTHORITY SUBJECT TO THE LIMITATIONS SET
FORTH IN THIS TITLE:
  (A) TO PLAN, DESIGN, DEVELOP, CONSTRUCT,  OPERATE,  AND  MAINTAIN  THE
PROJECT;
  (B) TO IMPLEMENT THE GENERAL PROJECT PLAN FOR THE PROJECT;
  (C)  TO  OVERSEE  IMPLEMENTATION  OF  THE  DESIGN  GUIDELINES  FOR THE
PROJECT;
  (D) TO ESTABLISH A STAKEHOLDER COUNCIL AS PROVIDED IN  SECTION  SEVEN-
TEEN HUNDRED EIGHT OF THIS TITLE;
  (E)  TO  APPROVE  CHANGES  TO THE GENERAL PROJECT PLAN IN CONSULTATION
WITH THE STAKEHOLDER COUNCIL;
  (F) TO OVERSEE POLICIES  TO  MITIGATE  ENVIRONMENTAL  IMPACTS  OF  THE
PROJECT  AND  COORDINATE  THE  IMPLEMENTATION OF THESE POLICIES WITH THE
RELEVANT CITY AND STATE AGENCIES;
  (G) WHEN NECESSARY, TO DEVELOP ADDITIONAL POLICY  TO  MITIGATE  ANTIC-
IPATED ENVIRONMENTAL IMPACTS OF THE PROJECT;
  (H)  TO ADOPT RULES OF PROCEDURE FOR CONSULTATION WITH THE STAKEHOLDER
COUNCIL, ESTABLISHED PURSUANT TO SECTION SEVENTEEN HUNDRED EIGHT OF THIS
TITLE;
  (I) TO PROVIDE FOR THE HEALTH, SAFETY AND WELFARE OF THE PUBLIC  USING
FACILITIES UNDER ITS JURISDICTION;
  (J) TO EXERCISE THE FOLLOWING GENERAL CORPORATE POWERS:
  (I)  TO  MAKE  AND  ALTER  BY-LAWS  FOR  ITS ORGANIZATION AND INTERNAL
MANAGEMENT;
  (II) TO ADOPT, AMEND OR RESCIND SUCH RULES, REGULATIONS AND ORDERS  AS
MAY  BE  NECESSARY  OR CONVENIENT FOR THE PERFORMANCE OR EXERCISE OF THE
FUNCTIONS, POWERS AND  DUTIES  OF  THE  TRUST  IN  ACCORDANCE  WITH  THE
PROVISIONS OF THIS TITLE;
  (III)  TO  ENTER  INTO CONTRACTS, INCLUDING CUSTOMARY TRADE CREDITS IN
THE ORDINARY COURSE OF BUSINESS, WITH  ANY  PERSON  AND  DO  ALL  THINGS
NECESSARY OR CONVENIENT TO CARRY OUT THE FUNCTIONS, POWERS AND DUTIES OF
THE TRUST;
  (IV) TO CONDUCT MEETINGS AND HEARINGS WITH RESPECT TO ANY MATTER UNDER
THE JURISDICTION AND CONTROL OF THE TRUST;
  (V)  TO  BRING  OR DEFEND SUCH ACTIONS, SUITS OR PROCEEDINGS AS MAY BE
NECESSARY OR PROPER TO PERFORM ANY OF THE POWERS, FUNCTIONS  AND  DUTIES
OF THE TRUST;
  (VI)  TO  EXERCISE AND PERFORM SUCH OTHER FUNCTIONS, POWERS AND DUTIES
AS SHALL HAVE BEEN OR MAY BE FROM TIME TO TIME CONFERRED OR  IMPOSED  BY
OR PURSUANT TO LAW;
  (VII) TO APPOINT SUCH OFFICERS AND EMPLOYEES AS IT MAY REQUIRE FOR THE
PERFORMANCE  OF  ITS  DUTIES,  AND TO FIX AND DETERMINE THEIR QUALIFICA-
TIONS, DUTIES, AND COMPENSATION AND TO RETAIN OR EMPLOY SUCH PERSONS  AS
LANDSCAPE  ARCHITECTS,  ARCHITECTS,  HISTORIANS,  ECOLOGISTS, EDUCATORS,
ENGINEERS, COUNSEL, AUDITORS, AND  PRIVATE  CONSULTANTS  ON  A  CONTRACT
BASIS  OR  OTHERWISE  TO  RENDER  PROFESSIONAL OR TECHNICAL SERVICES AND
ADVICE;

A. 1307                             5

  (VIII) TO SUBMIT LEGAL MATTERS TO THE ATTORNEY GENERAL  OF  THE  STATE
WHO  MAY  FURNISH  ANY  NECESSARY  LEGAL SERVICES AND ADVICE REQUIRED TO
ASSIST THE TRUST IN ACCOMPLISHING ITS CORPORATE PURPOSES;
  (IX)  TO  DESIGNATE  THE  DEPOSITORIES  OF  ITS  MONEY AND THE PERSONS
AUTHORIZED TO SIGN CHECKS AND OTHER SUCH INSTRUMENTS ON ITS BEHALF;
  (X) TO ESTABLISH AND RE-ESTABLISH ITS FISCAL YEAR; AND
  (XI) TO PREPARE AND APPROVE AN ANNUAL BUDGET FOR ITS OPERATIONS;
  (K) TO PROVIDE FOR MEANINGFUL PUBLIC NOTICE, PARTICIPATION,  CONSULTA-
TION  AND  REVIEW  IN  THE  PLANNING,  DEVELOPMENT  AND OPERATION OF THE
PROJECT, WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO:
  (I) CONSULTATION WITH THE STAKEHOLDER COUNCIL  AND  ELECTED  OFFICIALS
REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT; AND
  (II)  TIMELY  AND REASONABLE NOTIFICATION TO APPROPRIATE NEWS MEDIA OF
EACH MEETING OF THE TRUST AND ANY PUBLIC HEARINGS REGARDING  SIGNIFICANT
PLANS OR PROPOSED ACTIONS WITH RESPECT TO THE PROJECT;
  (L)  TO DEVELOP AND OVERSEE AN ANNUAL FINANCING PLAN THAT WILL COMBINE
CONTRIBUTIONS FROM THE STATE, THE CITY OF NEW YORK AND  PRIVATE  SOURCES
FOR THE PLANNING AND DEVELOPMENT OF THE PROJECT; AND
  (M)  TO  LEND  OR  DONATE MONIES, WHETHER SECURED OR UNSECURED, TO ANY
SUBSIDIARY CORPORATION, AND TO PURCHASE,  SELL  OR  PLEDGE  THE  SHARES,
BONDS  OR  OTHER  OBLIGATIONS  OR  SECURITIES THEREOF, ON SUCH TERMS AND
CONDITIONS AS THE CORPORATION MAY DEEM ADVISABLE.
  2. THE TRUST SHALL BE SUBJECT TO ARTICLE EIGHT  OF  THE  ENVIRONMENTAL
CONSERVATION  LAW.  THE GENERAL PROJECT PLAN ADOPTED PRIOR TO THE COMING
INTO EXISTENCE OF THE TRUST SHALL CONSTITUTE THE  GENERAL  PROJECT  PLAN
FOR  THE  PROJECT. HOWEVER, SHOULD THE TRUST DECIDE TO AMEND THE GENERAL
PROJECT PLAN, THEN THE TRUST SHALL CONTINUE THE PREPARATION OF AN  ENVI-
RONMENTAL IMPACT STATEMENT IN ACCORDANCE WITH THE ONGOING STATE ENVIRON-
MENTAL  QUALITY REVIEW PROCESSES BEGUN BY ITS PREDECESSORS AND SHALL ACT
AS LEAD AGENCY IN CONNECTION THEREWITH IN ORDER THAT THERE SHALL  BE  NO
INTERRUPTION  OR  IMPEDIMENT  TO THAT PROCESS AS A RESULT OF THIS TITLE.
SUCH USE BY THE TRUST OF THE ENVIRONMENTAL IMPACT STATEMENT BEGUN BY THE
NEW YORK STATE URBAN DEVELOPMENT CORPORATION SHALL NOT BE DEEMED ILLEGAL
OR AN OBJECTION UNDER ARTICLE EIGHT OF  THE  ENVIRONMENTAL  CONSERVATION
LAW. UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, ANY REFERENCE TO THE
URBAN  DEVELOPMENT CORPORATION DOING BUSINESS AS THE EMPIRE STATE DEVEL-
OPMENT CORPORATION IN THE FINAL ENVIRONMENTAL IMPACT  STATEMENT  OR  ANY
OTHER  DOCUMENT  THAT  IS PART OF THE PROCESS OF DEVELOPING OR APPROVING
THE GENERAL PROJECT PLAN, OR IN THE GENERAL PROJECT PLAN  ITSELF,  SHALL
BE  DEEMED TO REFER TO AND MAY BE AMENDED TO REFER TO THE ATLANTIC YARDS
DEVELOPMENT TRUST, AND SUCH REFERRAL AND AMENDMENT SHALL NOT  BE  DEEMED
ILLEGAL OR AN OBJECTION UNDER ARTICLE EIGHT OF THE ENVIRONMENTAL CONSER-
VATION  LAW.  THE  PLAN RESULTING FROM SUCH ENVIRONMENTAL REVIEW PROCESS
SHALL BE CONSISTENT WITH THIS TITLE AND  SHALL  BE  THE  BASIS  FOR  THE
DESIGN  AND  DEVELOPMENT  OF  THE  PROJECT  AND  BE KNOWN AS THE GENERAL
PROJECT PLAN.
  3. (A) THE TRUST SHALL RECEIVE AND HAVE EXCLUSIVE TITLE TO ALL  RENTS,
FEES,  AND  OTHER  REVENUES REQUIRED TO BE TRANSFERRED TO IT UNDER PARA-
GRAPH (B) OF THIS SUBDIVISION AND ALSO TO ALL  RENTS,  FEES,  AND  OTHER
REVENUES  PAID  OR  TO  BE  PAID TO IT PURSUANT TO ANY LEASE, CONCESSION
ARRANGEMENT, LICENSE OR OTHER AGREEMENT RELATING  TO  ANY  PART  OF  THE
PROJECT,  MADE  BY  IT  OR ANY PREDECESSOR, AND ALL SUCH MONIES SHALL BE
USED SOLELY FOR CONSTRUCTING, IMPROVING, OPERATING AND  MAINTAINING  THE
PROJECT.
  (B)  ALL  NET REVENUES PAID TO THE STATE OF NEW YORK OR ANY INSTRUMEN-
TALITY THEREOF, THE NEW YORK STATE URBAN  DEVELOPMENT  CORPORATION,  THE

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CITY  OF NEW YORK OR ANY INSTRUMENTALITY THEREOF, PURSUANT TO ANY LEASE,
CONCESSION AGREEMENT, LICENSE OR OTHER AGREEMENT RELATING TO ANY PART OF
THE PROJECT, AND  ANY  SUCH  REVENUES  HEREAFTER  PAID  TO  AND  IN  THE
POSSESSION OF ANY OF THOSE ENTITIES.
  4.  THE  ACCOUNTS,  RECORDS,  AND  PERFORMANCE  OF  THE TRUST SHALL BE
SUBJECT TO ANNUAL AUDIT BY THE COMPTROLLERS OF THE STATE AND CITY OF NEW
YORK, IN ACCORDANCE WITH THE PROCEDURAL  REQUIREMENTS  GOVERNING  AUDITS
UNDER THE LAWS OF SUCH JURISDICTIONS.
  5.  THE  TRUST MAY ESTABLISH AND FINANCE STAFF OR CONSULTANT POSITIONS
TO SERVE AS LIAISONS TO THE TRUST FOR THE STAKEHOLDER COUNCIL.
  6. IN THE CASE  OF  ANY  PROPOSED  SIGNIFICANT  ACTION  AFFECTING  THE
PROJECT OR THE NEIGHBORING COMMUNITY, INCLUDING THE ADOPTION OF, AND ANY
AMENDMENT TO, THE GENERAL PROJECT PLAN OR THE ANNUAL FINANCING PLAN, THE
TRUST SHALL:
  (A) HOLD A PUBLIC HEARING ON NOT LESS THAN THIRTY DAYS' ADVANCE PUBLIC
NOTICE;
  (B)  SOLICIT AND CONSIDER THE VIEWS OF THE COMMUNITY STAKEHOLDER COUN-
CIL, THE PLANNING COMMISSION OF THE CITY OF NEW YORK, ELECTED  OFFICIALS
REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT, ALLOWING NOT LESS THAN
SIXTY  DAYS  FOLLOWING  THE  NOTICE  OF  THE  PROPOSED  ACTION  FOR  THE
SUBMISSION OF SUCH VIEWS;
  (C) PUBLISH NOTICE OF THE HEARING AND  PROPOSED  ACTION  IN  THE  CITY
RECORD AND STATE REGISTER;
  (D) MEET WITH REPRESENTATIVES OF THE STAKEHOLDER COUNCIL NOT LESS THAN
TWENTY DAYS FOLLOWING THE END OF THE PUBLIC COMMENT PERIOD; AND
  (E)  PREPARE A FINDINGS STATEMENT SUMMARIZING PUBLIC COMMENT AND VIEWS
OF THE STAKEHOLDER COUNCIL AND OUTLINE HOW THE PROPOSED ACTION ADDRESSES
IDENTIFIED CONCERNS.
  7. NO LATER THAN FEBRUARY FIRST OF EACH YEAR FOLLOWING  THE  EFFECTIVE
DATE  OF  THIS TITLE AND WITHIN SIXTY DAYS AFTER THE LATER OF THE EFFEC-
TIVE DATE OF THIS TITLE OR THE ADOPTION OF THE GENERAL PROJECT  PLAN  OR
ANY  AMENDMENT,  THE TRUST SHALL DELIVER TO THE GOVERNOR, THE SPEAKER OF
THE ASSEMBLY, THE TEMPORARY PRESIDENT OF THE  SENATE,  THE  STATE  COMP-
TROLLER,  THE  MAYOR  OF  THE  CITY OF NEW YORK, THE SPEAKER OF THE CITY
COUNCIL OF THE CITY OF NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK
AND THE CHAIRS OF COMMUNITY  BOARDS  TWO,  SIX,  AND  EIGHT  WITHIN  THE
BOROUGH OF BROOKLYN, A CURRENT COPY OF THE ANNUAL FINANCING PLAN AND ANY
AMENDMENTS  TO  THE  GENERAL  PROJECT PLAN FOR THE PROJECT AND THE TRUST
SHALL, WITHIN THE SAME TIME, MAKE SUCH PLAN AND A CURRENT  COPY  OF  ITS
REGULATIONS AVAILABLE FOR PUBLIC INSPECTION DURING BUSINESS HOURS AT THE
OFFICES OF THE TRUST WITHIN THE CITY OF NEW YORK.
  8.  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE ATLANTIC
YARDS DEVELOPMENT TRUST SHALL  ESTABLISH  THE  ATLANTIC  YARDS  PURPOSES
ACCOUNT  AND OTHER SUB-ACCOUNTS WHICH MAY BE NECESSARY OR CONVENIENT FOR
THE AUTHORIZED PURPOSES OF THE TRUST WITHIN THE TREASURY  OF  THE  TRUST
WHICH SHALL REFLECT AND CONSIST OF ALL FUNDS MADE AVAILABLE TO THE TRUST
AT ANY TIME, FROM ANY SOURCES, FOR ITS AUTHORIZED PURPOSES. SUCH ACCOUNT
AND  SUB-ACCOUNTS SHALL BE INCLUDED IN DETAILED QUARTERLY REPORTS OF THE
TRUST COMMENCING WITH THE QUARTERLY REPORT FOR  THE  PERIOD  IMMEDIATELY
PRECEDING JANUARY FIRST, TWO THOUSAND TWELVE, WHICH SET FORTH THE STATUS
OF  THE  ACCOUNT  AND  SUB-ACCOUNTS,  THE  AMOUNT IN SUCH ACCOUNT AT THE
BEGINNING OF SUCH QUARTER (FROM AND INCLUDING THE ENTIRE PERIOD FOR  THE
FIRST DAY OF THE OPERATIVE CALENDAR YEAR), THE PAYMENTS OF SUCH ACCOUNT,
AND  THE  AMOUNT  IN  SUCH  ACCOUNT AT THE CLOSE OF SUCH QUARTER (TO AND
INCLUDING THE ENTIRE PERIOD OF THE LAST DAY OF  THE  OPERATIVE  CALENDAR
YEAR).   SUCH DETAILED QUARTERLY REPORTS SHALL BE PREPARED AND SUBMITTED

A. 1307                             7

WITHIN THIRTY DAYS OF THE CLOSE OF THE FISCAL QUARTER OF THE  TRUST,  TO
THE  GOVERNOR,  THE  SPEAKER OF THE ASSEMBLY, THE TEMPORARY PRESIDENT OF
THE SENATE, THE STATE COMPTROLLER,  THE  CHAIR  OF  THE  SENATE  FINANCE
COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE, THE MAYOR
OF  THE CITY OF NEW YORK, THE SPEAKER OF THE CITY COUNCIL OF THE CITY OF
NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK,  AND  THE  CHAIRS  OF
COMMUNITY BOARDS TWO, SIX AND EIGHT WITHIN THE BOROUGH OF BROOKLYN.
  S  1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. ALL MONEYS OF
THE TRUST FROM WHATEVER SOURCE DERIVED SHALL BE PAID TO THE TREASURER OF
THE TRUST AND SHALL BE DEPOSITED FORTHWITH IN ONE OR MORE BANKS OR TRUST
COMPANIES IN THE STATE, AS DESIGNATED BY THE TRUST. THE MONEYS  IN  SUCH
ACCOUNTS  SHALL  BE PAID OUT BY THE TREASURER OF THE TRUST UPON REQUISI-
TION BY THE CHAIRPERSON OF THE BOARD OR OF SUCH OFFICER OR  OFFICERS  AS
THE  BOARD MAY AUTHORIZE. ANY MONEYS OF THE TRUST NOT REQUIRED FOR IMME-
DIATE USE OR DISBURSEMENT MAY,  AT  THE  DISCRETION  OF  THE  TRUST,  BE
INVESTED   IN   THOSE   OBLIGATIONS   SPECIFIED   PURSUANT   TO  SECTION
NINETY-EIGHT-A OF THE STATE FINANCE LAW.
  S 1705. OTHER STATE LAWS AND AGENCIES. 1. THE TRUST SHALL  BE  SUBJECT
TO ARTICLES SIX AND SEVEN OF THE PUBLIC OFFICERS LAW.
  2.  WHENEVER  IN  THE  OPINION  OF THE TRUST IT WOULD BE IN THE PUBLIC
INTEREST, IT MAY, AFTER APPROVAL OF THE DIRECTOR OF THE  BUDGET  OR  THE
DIRECTOR  OF THE OFFICE OF MANAGEMENT AND BUDGET OF THE CITY OF NEW YORK
AS THE CASE MAY BE, REQUEST THE TEMPORARY  ASSIGNMENT  AND  TRANSFER  OF
CERTAIN  EMPLOYEES OF ANY BOARD, COMMISSION, AGENCY OR DEPARTMENT OF THE
STATE OR THE CITY OF NEW YORK, AND SUCH  BOARD,  COMMISSION,  AGENCY  OR
DEPARTMENT,  IF  IN THE OPINION OF THE TRANSFERRING AGENCY SUCH TRANSFER
WILL NOT INTERFERE WITH THE PERFORMANCE OF ITS DUTIES AND FUNCTIONS, MAY
MAKE SUCH ASSIGNMENT AND TRANSFER OR EXTENSION THEREOF WHICH  SHALL  NOT
IN  ANY  WAY  AFFECT  THE  CIVIL  SERVICE STATUS, CONTINUITY OF SERVICE,
RETIREMENT PLAN STATUS, RIGHT TO COMPENSATION, GRADE OR COMPENSATION  OR
THE RIGHTS OR PRIVILEGES OF ANY EMPLOYEE SO TRANSFERRED.
  3.  FOR PURPOSES OF SECTIONS TWO HUNDRED TWENTY AND TWO HUNDRED THIRTY
OF THE LABOR LAW, THE COMMISSIONER OF LABOR AND THE COMPTROLLER  OF  THE
CITY OF NEW YORK SHALL BOTH BE DEEMED THE FISCAL OFFICER FOR THE TRUST.
  4. THE TRUST SHALL BE SUBJECT TO ARTICLE NINE OF THIS CHAPTER, AND ITS
CONTRACTS  SHALL  BE  SUBJECT  TO SECTION ONE HUNDRED THIRTY-FIVE OF THE
STATE FINANCE LAW AND THE PROVISIONS OF STATE LAW PERTAINING TO PREVAIL-
ING WAGES, LABOR STANDARDS AND WORKING HOURS. THE TRUST SHALL BE  DEEMED
A  "STATE AGENCY" FOR PURPOSES OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW
AND ITS CONTRACTS FOR PROCUREMENT, DESIGN,  CONSTRUCTION,  SERVICES  AND
MATERIALS  SHALL  BE  DEEMED  STATE CONTRACTS WITHIN THE MEANING OF THAT
TERM AS SET FORTH IN SUCH ARTICLE FIFTEEN-A.
  S 1706. NOTICE OF TORT. IN AN ACTION AGAINST THE  TRUST  FOUNDED  UPON
TORT:
  1. A NOTICE OF CLAIM SHALL BE REQUIRED AS A CONDITION PRECEDENT TO THE
COMMENCEMENT OF AN ACTION OR SPECIAL PROCEEDING AGAINST THE TRUST OR ANY
OFFICER,  APPOINTEE  OR  EMPLOYEE THEREOF, AND THE PROVISIONS OF SECTION
FIFTY-E OF THE GENERAL MUNICIPAL LAW SHALL GOVERN  THE  GIVING  OF  SUCH
NOTICE; AND
  2. THE COMPLAINT SHALL CONTAIN AN ALLEGATION THAT AT LEAST THIRTY DAYS
HAVE  ELAPSED SINCE THE DEMAND, CLAIM OR CLAIMS UPON WHICH THE ACTION IS
FOUNDED WERE PRESENTED TO A MEMBER OF THE TRUST'S BOARD OF DIRECTORS AND
TO THE TRUST'S SECRETARY AND THAT THE TRUST HAS NEGLECTED OR REFUSED  TO
MAKE  AN  ADJUSTMENT  OR  PAYMENT  THEREOF  FOR  THIRTY  DAYS AFTER SUCH
PRESENTMENT.

A. 1307                             8

  NO SUCH ACTION SHALL BE COMMENCED MORE THAN ONE YEAR AFTER  THE  CAUSE
OF  ACTION  THEREFOR  SHALL  HAVE  ACCRUED, EXCEPT AN ACTION AGAINST THE
TRUST FOR WRONGFUL DEATH WHICH  IS  COMMENCED  IN  ACCORDANCE  WITH  THE
NOTICE  OF CLAIM AND TIME LIMITATION PROVISIONS OF TITLE ELEVEN OF ARTI-
CLE NINE OF THIS CHAPTER.
  S  1707.  TAX EXEMPTIONS. IT IS HEREBY DETERMINED THAT THE CREATION OF
THE TRUST AND THE CARRYING OUT OF  ITS  CORPORATE  PURPOSES  IS  IN  ALL
RESPECTS  FOR  THE  BENEFIT  OF  THE PEOPLE OF THE STATE AND IS A PUBLIC
PURPOSE, AND THE TRUST SHALL BE REGARDED AS  PERFORMING  A  GOVERNMENTAL
FUNCTION  IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE.
IN FURTHERANCE OF THE SAME AND NOTWITHSTANDING ANY  OTHER  PROVISION  OF
ANY OTHER LAW TO THE CONTRARY:
  1. THE INCOME, MONEYS, OPERATIONS AND PROPERTIES OF THE TRUST SHALL BE
EXEMPT FROM TAXATION, INCLUDING WITHOUT LIMITATION ANY AND ALL STATE AND
LOCAL  INCOME,  FRANCHISE,  TRANSFER, RECORDING, REAL PROPERTY AND SALES
TAXATION AND ANY ASSESSMENTS OF PAYMENTS IN LIEU OF TAXES.
  2. ANY REAL PROPERTY TAXES OR PAYMENTS IN LIEU OF TAXES PAYABLE BY ANY
ENTERPRISE OPERATING WITHIN THE PROJECT TO THE CITY OF NEW YORK SHALL BE
PAID TO THE TRUST FOLLOWING THE COMING INTO EXISTENCE OF THE  TRUST  AND
THE  CITY  OF  NEW  YORK SHALL PROMPTLY REMIT ANY SUCH PAYMENTS RECEIVED
AFTER SUCH TIME TO THE TRUST. ALL  CONTRIBUTIONS  OF  PERSONAL  PROPERTY
MADE  TO  THE  TRUST WHETHER BY GIFT, DEVISE OR BEQUEST SHALL QUALIFY AS
DEDUCTIONS IN COMPUTING THE NET TAXABLE INCOME  OF  THE  DONOR  FOR  THE
PURPOSES  OF ANY INCOME TAX IMPOSED BY THE STATE OR ANY POLITICAL SUBDI-
VISION THEREOF.
  S 1708. STAKEHOLDER COUNCIL. 1. THERE IS HEREBY CREATED THE  "ATLANTIC
YARDS STAKEHOLDER COUNCIL". ALL MEMBERS OF THE STAKEHOLDER COUNCIL SHALL
RESIDE IN THE BOROUGH OF BROOKLYN, AND SHALL BE REPRESENTATIVES OF LOCAL
COMMUNITY, PARK, ENVIRONMENTAL, CIVIC, LABOR AND BUSINESS ORGANIZATIONS.
  2.  UPON  THE  COMING INTO EXISTENCE OF THE ATLANTIC YARDS DEVELOPMENT
TRUST, MEMBERS OF THE STAKEHOLDER COUNCIL  SHALL  BE  APPOINTED  IN  THE
FOLLOWING MANNER:
  (A)  TWO  MEMBERS  SHALL  BE  APPOINTED  BY EACH OF THE MEMBERS OF THE
ASSEMBLY REPRESENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS
LOCATED;  TWO MEMBERS SHALL BE APPOINTED BY EACH OF THE SENATORS REPRES-
ENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS  LOCATED;  TWO
MEMBERS  SHALL  BE APPOINTED BY THE CITY COUNCIL MEMBER REPRESENTING THE
DISTRICTS IN WHICH THE PROJECT IS LOCATED;  ONE  MEMBER  EACH  SHALL  BE
APPOINTED  BY BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT RESPECTIVELY;
AND TWO MEMBERS SHALL BE APPOINTED BY THE  BROOKLYN  BOROUGH  PRESIDENT.
EACH  OF  THE STAKEHOLDER COUNCIL MEMBERS SHALL SERVE AT THE PLEASURE OF
THE APPOINTING OFFICIAL OR BODY AND SHALL SERVE FOR A TERM OF TWO YEARS.
  (B) ALL ELECTED OFFICIALS REPRESENTING DISTRICTS BORDERING OR CONTAIN-
ING THE PROJECT SHALL SERVE ON THE STAKEHOLDER COUNCIL ON  AN  "EX-OFFI-
CIO" BASIS.
  3. THE STAKEHOLDER COUNCIL SHALL MAKE AND ALTER BY-LAWS FOR ITS ORGAN-
IZATION AND INTERNAL MANAGEMENT.
  4.  THE  STAKEHOLDER  COUNCIL  MEMBERS  SHALL ELECT A CHAIR BASED ON A
MAJORITY VOTE.
  5. THE STAKEHOLDER COUNCIL MAY HOLD PUBLIC MEETINGS AND MAY ADVISE AND
MAKE RECOMMENDATIONS TO THE BOARD OF  DIRECTORS  OF  THE  TRUST  ON  ALL
MATTERS  REGARDING  THE  PLANNING, DESIGN, CONSTRUCTION AND OPERATION OF
THE PROJECT.
  6. THE STAKEHOLDER COUNCIL SHALL APPOINT  ONE  REPRESENTATIVE  TO  THE
TRUST.

A. 1307                             9

  7.  THE  TRUST  SHALL  PROVIDE THE STAKEHOLDER COUNCIL WITH SUCH STAFF
SUPPORT AS THE TRUST DETERMINES IS REQUIRED FOR THE PERFORMANCE  OF  THE
STAKEHOLDER COUNCIL'S DUTIES.
  8.  MEMBERS  OF  THE  STAKEHOLDER  COUNCIL SHALL SERVE WITHOUT COMPEN-
SATION.
  S 4. Severability. If any clause,  sentence,  paragraph,  subdivision,
section,  part  or  title  of  this  act shall be adjudged by a court of
competent jurisdiction to be invalid, such judgment  shall  not  affect,
impair or invalidate the remainder thereof, but shall be confined in its
operation to the clause, sentence, paragraph, subdivision, section, part
or  title of this act directly involved in the controversy in which such
judgment shall have been rendered.
  S 5. This act shall take effect immediately.