S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1338
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2021
                                ___________
 
 Introduced  by  Sen. KRUEGER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 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

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

                                                            LBD05753-01-1

 S. 1338                             2
 
 corporation is involved with the planning, financing, or contracting  in
 whole  or  in  part and any project related to such projects, whether or
 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.