S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5018
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced  by  M.  of  A.  MAMDANI  --  Multi-Sponsored  by -- M. of A.
   CARROLL,  FORREST,  GALLAGHER,  MITAYNES,  RAGA,  SEAWRIGHT,  SEPTIMO,
   SHRESTHA,  SIMONE -- read once and referred to the Committee on Corpo-
   rations, Authorities and Commissions
 
 AN ACT to amend the general municipal  law,  in  relation  to  adjusting
   value capture mechanisms for New York city and the metropolitan trans-
   portation authority, including transparency requirements; and to amend
   part PP of chapter 54 of the laws of 2016, amending the general munic-
   ipal  law relating to the New York transit authority and the metropol-
   itan transportation  authority,  in  relation  to  making  such  value
   capture mechanisms and transparency requirements permanent
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph f of subdivision 1 of section 119-r of the gener-
 al municipal law, as amended by section 2 of part PP of  chapter  54  of
 the laws of 2016, is amended to read as follows:
   f.  The  making  of  a  contract  with the metropolitan transportation
 authority, by itself or with one or more other municipal corporations to
 assist the authority in meeting its capital  or  operating  expenses  in
 providing mass transportation services of benefit to all or part of such
 municipal corporation, including undertaking a mass transportation capi-
 tal  project  in  or  near  the  municipal corporation. Such a municipal
 corporation may, according to the terms of the contract with the author-
 ity, establish, levy and collect taxes, assessments, and/or charges  and
 may  conditionally  or  unconditionally grant or pledge a portion of its
 revenues allocated according to subdivision  e  of  this  section.  Such
 municipal  corporation may designate mass transportation capital project
 districts that a municipal corporation finds, after conducting a  public
 hearing,  will  benefit  from  an identified mass transportation capital
 project.
   (I) (1) AT LEAST TWO WEEKS PRIOR TO  CONDUCTING  SUCH  PUBLIC  HEARING
 UNDER  THIS  SUBDIVISION,  THE  MUNICIPAL  CORPORATION SHALL PRODUCE AND
 PUBLISH ON ITS WEBSITE TWO SEPARATE ANALYSES THAT INCLUDE:  (A)  REVENUE
 PROJECTIONS  FOR  THE  DISTRICT  BASED ON HISTORIC PROPERTY TAX DATA AND
 
              

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05069-02-3
 A. 5018                             2
 
 ANALYSIS THAT THE FAIR MARKET VALUE OF PROPERTIES WITHIN THE SUBDISTRICT
 IS EXPECTED TO INCREASE AS A RESULT OF THE  IMPROVEMENT,  BY  MORE  THAN
 WOULD  HAVE  OCCURRED IN THE ABSENCE OF SUCH IMPROVEMENT; AND (B) TRANS-
 PORTATION ENGINEERING ANALYSIS SHOWING HOW THE PUBLIC WOULD BE SERVED BY
 THE MASS TRANSPORTATION CAPITAL PROJECT IN SUCH DISTRICT OR AREA.
   (2)  SUCH ANALYSES UNDER CLAUSE ONE OF THIS SUBPARAGRAPH SHALL INCLUDE
 ACCOMPANYING DATA IN A MACHINE-READABLE, TABULAR FORMAT, AND AN EXPLANA-
 TION OF THE METHODOLOGY AND SPECIFIC ASSUMPTIONS USED IN EACH  ANALYSIS.
 THE PUBLIC SHALL HAVE THE OPPORTUNITY TO SUBMIT WRITTEN COMMENTS ON SUCH
 ANALYSES PROVIDED, AND THE MUNICIPAL CORPORATION AND/OR THE METROPOLITAN
 TRANSPORTATION  AUTHORITY  SHALL  RESPOND  TO PUBLIC COMMENT RECEIVED IN
 WRITING AND AT SUCH PUBLIC HEARING IN A REPORT THAT  IS  POSTED  IN  THE
 MUNICIPAL CORPORATION'S WEBSITE NO LATER THAN ONE MONTH AFTER SUCH HEAR-
 ING.
   (II)  Upon  designating  [such]  a MASS TRANSPORTATION CAPITAL PROJECT
 district, the municipal corporation may allocate a portion of its reven-
 ues from the district according to terms it designs or has agreed to  by
 contract.  The  municipal  corporation may, in allocating and collecting
 revenues from the district, make use of one or more methods  to  capture
 the  value  created by a mass transportation capital project, including,
 but not limited to:
   [(i) tax increment financing, meaning the allocation of  an  increment
 of  property  tax  revenues  in  excess of the amount levied at the time
 prior to planning of a mass transportation capital project;
   (ii)] (1) a special transportation assessment imposed  upon  benefited
 real  property  in  proportion  to the benefit received by such property
 from a mass transportation capital project, which shall not constitute a
 tax;
   [(iii)] (2) land value taxation, meaning the allocation of  an  incre-
 ment  of tax revenues gained from levying taxes on the assessed value of
 taxable land at a higher rate  than  the  improvements,  as  defined  in
 subdivision  twelve  of section one hundred two of the real property tax
 law; and
   [(iv)] (3) some combination of the above or other methods  of  gaining
 revenues  that  the  municipal corporation is empowered to use, provided
 that the total amount of all taxes, assessments, fees, charges, or rates
 levied on each parcel or lot under this section shall be  limited  to  a
 proportionate  amount  as  near  as possible to the actual benefit which
 each lot or parcel will derive  from  the  mass  transportation  capital
 project; and
   [(v)]  (4)  for  purposes  of this paragraph the term municipal corpo-
 ration shall include only those cities,  towns,  villages  and  counties
 described  in section twelve hundred sixty-two of the public authorities
 law.
   § 2. Section 3 of part PP of chapter 54 of the laws of 2016,  amending
 the general municipal law relating to the New York transit authority and
 the  metropolitan  transportation  authority, as amended by section 1 of
 part J of chapter 58 of the laws of 2022, is amended to read as follows:
   § 3. This act shall take effect immediately[; provided that the amend-
 ments to subdivision 1 of section 119-r of  the  general  municipal  law
 made  by  section  two  of  this act shall expire and be deemed repealed
 April 1, 2023, and provided further that such repeal  shall  not  affect
 the  validity  or duration of any contract entered into before that date
 pursuant to paragraph f of such subdivision].
   § 3. This act shall take effect immediately.