S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3911
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Judiciary
 
 AN ACT to amend the eminent domain procedure law, in relation to requir-
   ing financial reports for real property acquired by the state, includ-
   ing any agencies and authorities, through eminent domain

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The eminent domain procedure law is amended by adding a new
 section 306 to read as follows:
   § 306.  FINANCIAL IMPACT REPORTS. NOTWITHSTANDING ANY OTHER  PROVISION
 OF  LAW  TO  THE  CONTRARY, ANY CONTRACT ENTERED INTO BY A STATE AGENCY,
 STATE AUTHORITY OR A LOCAL  DEVELOPMENT  CORPORATION  UNDER  WHICH  SUCH
 LOCAL  DEVELOPMENT  CORPORATION IS ENGAGED IN PROVIDING OR ADMINISTERING
 ECONOMIC DEVELOPMENT BENEFITS ON BEHALF OF THE STATE AND EXPENDING STATE
 CAPITAL APPROPRIATIONS IN CONNECTION WITH ANY  PROJECT  OR  ACTION  THAT
 INVOKES  THE  POWER  OF  EMINENT  DOMAIN PURSUANT TO THIS CHAPTER ON THE
 BASIS OF ECONOMIC DEVELOPMENT, AS DETERMINED BY JUDICIAL  REVIEW,  SHALL
 BE  ACCOMPANIED BY A FINANCIAL IMPACT REPORT. SUCH REPORT SHALL INCLUDE,
 BUT NOT BE LIMITED TO (I) AN ANALYSIS OF THE ESTIMATED COSTS  AND  BENE-
 FITS  OF  THE  PROPOSED  PROJECT OR ACTION; (II) THE ESTIMATED AMOUNT OF
 RETAINED OR ADDITIONAL TAX REVENUE ESTIMATED  TO  BE  DERIVED  FROM  THE
 PROJECT FOR THE NEXT THREE SUCCEEDING YEARS; (III) THE AMOUNT OF ASSIST-
 ANCE  RECEIVED  BY  THE  LOCAL  DEVELOPMENT CORPORATION IN THE FORM OF A
 LOAN, GRANT, OR TAX BENEFIT SINCE THE BEGINNING OF THE  PROJECT  PERIOD;
 AND  (IV)  THE  PRESENT  VALUE  OF THE FUTURE ASSISTANCE ESTIMATED TO BE
 GIVEN FOR THE DURATION OF THE  PROJECT  PERIOD.  WHERE  SUCH  REPORT  IS
 PREPARED  BY  A LOCAL DEVELOPMENT CORPORATION, THE STATE AGENCY OR STATE
 AUTHORITY, IN CONSULTATION WITH SUCH OTHER STATE AGENCIES  AS  IT  DEEMS
 APPROPRIATE,  SHALL  REVIEW  SUCH  REPORT  AND  MAKE RECOMMENDATIONS, IF
 NECESSARY.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07820-01-5