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

                                  4722

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2015
                               ___________

Introduced by M. of A. COLTON, JAFFEE, CAHILL, WEPRIN -- Multi-Sponsored
  by  --  M.  of A.   ABINANTI, BRENNAN -- 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.
  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
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.
                                                           LBD00200-01-5

A. 4722                             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.
  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.