S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1032
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 8, 2025
                                ___________
 
 Introduced  by  M.  of A. MAMDANI, SEAWRIGHT, DE LOS SANTOS, CUNNINGHAM,
   REYES, SHRESTHA -- Multi-Sponsored by -- M. of A. R. CARROLL, FORREST,
   GALLAGHER, MITAYNES, RAGA, SEPTIMO, SIMONE -- read once  and  referred
   to the Committee on Corporations, 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 added 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.
                                                            LBD00218-01-5
 A. 1032                             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 A of chapter 58 of the laws of 2024, 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, 2025, 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.