S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4040
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2025
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation to establishing city community improvement projects
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Title 25 of the administrative code of the city of New York
 is amended by adding a new chapter 5-A to read as follows:
 
                                CHAPTER 5-A
                    CITY COMMUNITY IMPROVEMENT PROJECTS
   § 25-501 AUTHORIZATION  FOR  THE  ESTABLISHMENT  OF   CITY   COMMUNITY
 IMPROVEMENT PROJECTS. PURSUANT TO THE PROVISIONS OF THIS CHAPTER, COMMU-
 NITY  IMPROVEMENT  PROJECTS SHALL BE ESTABLISHED AND EXTENDED AS HEREIN-
 AFTER PROVIDED.
   § 25-502 DEFINITIONS. AS USED IN THIS CHAPTER:
   A. "AVERAGE FULL VALUATION OF TAXABLE REAL PROPERTY" MEANS  THE  VALU-
 ATION OBTAINED BY TAKING THE ASSESSED VALUATION OF TAXABLE REAL PROPERTY
 IN  THE  BOUNDARIES OF THE PROJECT AS IT APPEARS UPON THE LAST COMPLETED
 AND FOUR PRECEDING ASSESSMENT ROLLS OF THE CITY AND DIVIDING EACH BY THE
 APPLICABLE STATE EQUALIZATION RATE AS DETERMINED BY THE STATE  BOARD  OF
 EQUALIZATION AND ASSESSMENT PURSUANT TO ARTICLE TWELVE OF THE REAL PROP-
 ERTY  TAX  LAW  FOR EACH OF THE ASSESSMENT ROLLS AND DIVIDING THE SUM OF
 THE QUOTIENTS THUS OBTAINED BY FIVE.
   B. "PROJECT" MEANS A COMMUNITY IMPROVEMENT PROJECT ESTABLISHED  PURSU-
 ANT TO THIS CHAPTER.
   C.  "PROJECT  CHARGE"  MEANS  A LEVY IMPOSED ON BEHALF OF A PROJECT AS
 PROVIDED IN THE PROJECT PLAN.
   D. "PROJECT MANAGEMENT ASSOCIATION" MEANS THE ASSOCIATION  ESTABLISHED
 PURSUANT TO SECTION 25-514 OF THIS CHAPTER.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08394-01-5
 S. 4040                             2
              

 
   E.  "PROJECT  PLAN"  OR  "PLAN" MEANS A PROPOSAL AS DEFINED IN SECTION
 25-505 OF THIS CHAPTER.
   F. "OWNER" MEANS HOMEOWNER OF RECORD.
   G.  "TENANT" MEANS AN OCCUPANT PURSUANT TO A LEASE OF A DWELLING UNIT,
 OTHER THAN AN OWNER.
   § 25-503 CONTENTS OF THE PROJECT PLAN. THE PROJECT PLAN SHALL  CONTAIN
 THE FOLLOWING:
   A. A MAP OF THE PROJECT;
   B. THE WRITTEN REPORT OR REPORTS OF THE CITY COUNCIL CONTAINING:
   (1) A DESCRIPTION OF THE BOUNDARIES OF THE PROJECT PROPOSED FOR ESTAB-
 LISHMENT  OR  EXTENSION  IN  A  MANNER  SUFFICIENT TO IDENTIFY THE LANDS
 INCLUDED;
   (2) A DESCRIPTION OF THE PRESENT AND PROPOSED USES OF SUCH LANDS;
   (3) THE IMPROVEMENTS PROPOSED AND THE MAXIMUM COST THEREOF;
   (4) THE TOTAL ANNUAL AMOUNT PROPOSED TO BE EXPENDED FOR  IMPROVEMENTS,
 MAINTENANCE AND OPERATION;
   (5) THE PROPOSED SOURCE OR SOURCES OF FINANCING;
   (6) THE PROPOSED TIME FOR IMPLEMENTATION AND COMPLETION OF THE PROJECT
 PLAN;
   (7)  ANY  PROPOSED  RULES  AND  REGULATIONS  TO  BE  APPLICABLE TO THE
 PROJECT;
   (8) A LIST OF THE PROPERTIES TO BE BENEFITED, AND A STATEMENT  OF  THE
 METHOD  OR  METHODS  BY  WHICH THE EXPENSES OF A PROJECT WILL BE IMPOSED
 UPON BENEFITED REAL PROPERTY, IN PROPORTION TO THE BENEFIT  RECEIVED  BY
 SUCH PROPERTY, TO DEFRAY THE COST THEREOF, INCLUDING OPERATION AND MAIN-
 TENANCE. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF SECTION 25-507 OF
 THIS  CHAPTER, THE PLAN MAY PROVIDE THAT ALL OR ANY CLASS OR CATEGORY OF
 REAL PROPERTY WHICH IS EXEMPT BY LAW FROM  REAL  PROPERTY  TAXATION  AND
 WHICH  WOULD  NOT  BENEFIT  FROM  THE  ESTABLISHMENT OR EXTENSION OF THE
 PROJECT MAY NEVERTHELESS  BE  INCLUDED  WITHIN  THE  BOUNDARIES  OF  THE
 PROJECT, BUT SUCH PROPERTY SHALL NOT BE SUBJECT TO ANY PROJECT CHARGE;
   (9) A STATEMENT IDENTIFYING THE PROJECT MANAGEMENT ASSOCIATION FOR THE
 PROJECT; AND
   (10)  ANY  OTHER ITEM OR MATTER REQUIRED TO BE INCORPORATED THEREIN BY
 THE CITY COUNCIL.
   § 25-504 POWERS OF THE CITY COUNCIL. UPON ESTABLISHMENT OF  A  PROJECT
 PURSUANT  TO THE PROVISIONS OF THIS CHAPTER, THE CITY COUNCIL SHALL HAVE
 AUTHORITY TO EXERCISE THE FOLLOWING POWERS WITH RESPECT TO SUCH PROJECT,
 SUBJECT TO THE PROVISIONS OF THIS CHAPTER:
   A. TO PROVIDE FOR COMMUNITY IMPROVEMENTS LOCATED ON OR WITHIN  MUNICI-
 PALLY OR COMMUNITY OWNED OR LEASED PROPERTY WITHIN THE BOUNDARIES OF THE
 PROJECT, INCLUDING BUT NOT LIMITED TO:
   (1)  CLOSING,  OPENING,  WIDENING,  NARROWING,  OR  REPAIR OF EXISTING
 SHARED DRIVEWAYS;
   (2) RETROFITS OR REPAIR OF PRIVATE SEWERS; AND
   (3) REHABILITATION OR REMOVAL OF EXISTING STRUCTURES OR INFRASTRUCTURE
 AS REQUIRED;
   B. TO PROVIDE FOR THE  OPERATION  AND  MAINTENANCE  OF  ANY  COMMUNITY
 IMPROVEMENT; AND
   C.  TO PROVIDE FOR ADDITIONAL MAINTENANCE OR OTHER ADDITIONAL SERVICES
 REQUIRED FOR THE ENJOYMENT  AND  PROTECTION  OF  THE  PROPERTY  AND  THE
 ENHANCEMENT  OF  THE  COMMUNITY,  WHETHER  OR  NOT  IN  CONJUNCTION WITH
 IMPROVEMENTS AUTHORIZED BY THIS SECTION, INCLUDING BUT NOT LIMITED TO:
   (1) ENHANCED SANITATION SERVICES; AND
   (2) SERVICES TO ENHANCE THE SECURITY OF PERSONS  AND  PROPERTY  WITHIN
 THE BOUNDARIES OF THE PROJECT.
 S. 4040                             3

   § 25-505 PROJECT PLAN. A. THE MAYOR MAY PROVIDE FOR THE PREPARATION OF
 A PROJECT PLAN UPON THE WRITTEN PETITION, SIGNED AND ACKNOWLEDGED, OF:
   (1) THE OWNERS OF AT LEAST FIFTY-ONE PERCENT OF THE ASSESSED VALUATION
 OF  ALL  THE  TAXABLE REAL PROPERTY WITHIN THE BOUNDARIES OF THE PROJECT
 PROPOSED FOR ESTABLISHMENT  OR  EXTENSION,  AS  SHOWN  UPON  THE  LATEST
 COMPLETED ASSESSMENT ROLL OF THE CITY; AND
   (2)  AT  LEAST FIFTY-ONE PERCENT OF THE OWNERS OF REAL PROPERTY WITHIN
 THE AREA INCLUDED IN THE PROJECT PROPOSED FOR  ESTABLISHMENT  OR  EXTEN-
 SION.
   B. THE ESTABLISHMENT OR EXTENSION OF A PROJECT SHALL BE BASED UPON THE
 PROJECT  PLAN  FILED IN THE OFFICE OF THE CITY CLERK, EXCEPT AS PROVIDED
 IN SUBDIVISION C OF THIS SECTION.
   C. THE PROJECT PLAN SHALL FIRST BE  SUBMITTED  TO  THE  CITY  PLANNING
 COMMISSION WHICH SHALL FORWARD A COPY WITHIN FIVE DAYS TO THE CITY COUN-
 CIL  AND  TO  THE  COUNCIL  MEMBER  OR  MEMBERS REPRESENTING THE COUNCIL
 DISTRICT OR DISTRICTS IN WHICH THE PROPOSED PROJECT IS LOCATED,  TO  THE
 COMMUNITY  BOARD  OR  BOARDS  FOR THE COMMUNITY DISTRICT OR DISTRICTS IN
 WHICH THE PROPOSED PROJECT IS LOCATED, AND  TO  THE  RESPECTIVE  BOROUGH
 BOARD  AND BOROUGH PRESIDENT, IF THE PLAN INVOLVES PROPERTIES LOCATED IN
 TWO OR MORE COMMUNITY DISTRICTS. EACH COMMUNITY BOARD SHALL  NOTIFY  THE
 PUBLIC  OF  THE PROPOSED PLAN IN ACCORDANCE WITH THE REQUIREMENTS ESTAB-
 LISHED BY THE CITY PLANNING COMMISSION, AND MAY CONDUCT A PUBLIC HEARING
 AND SUBMIT A WRITTEN RECOMMENDATION TO THE CITY PLANNING COMMISSION  NOT
 LATER  THAN  THIRTY  DAYS  AFTER  RECEIPT OF THE PLAN. THE CITY PLANNING
 COMMISSION SHALL REVIEW THE  PLAN  AND  RECOMMENDATIONS,  AND,  AFTER  A
 PUBLIC  HEARING,  PREPARE  A  REPORT. THE CITY PLANNING COMMISSION SHALL
 SUBMIT ITS REPORT TO THE MAYOR, TO THE AFFECTED  BOROUGH  PRESIDENT,  TO
 THE  CITY  COUNCIL AND TO THE COUNCIL MEMBER OR MEMBERS REPRESENTING THE
 COUNCIL DISTRICT OR DISTRICTS IN WHICH THE PROPOSED DISTRICT IS LOCATED,
 TOGETHER WITH COPIES OF ANY RECOMMENDATION OF A COMMUNITY BOARD,  WITHIN
 SIXTY  DAYS  FROM THE DATE OF EXPIRATION OF THE COMMUNITY BOARD'S PERIOD
 FOR REVIEWING THE PLAN AND SUBMITTING RECOMMENDATIONS. THIS REPORT SHALL
 CERTIFY THE CITY PLANNING COMMISSION'S UNQUALIFIED APPROVAL, DISAPPROVAL
 OR QUALIFIED APPROVAL WITH  RECOMMENDATIONS  FOR  MODIFICATIONS  OF  THE
 DISTRICT  PLAN. A COPY OF THIS REPORT TOGETHER WITH THE ORIGINAL PROJECT
 PLAN SHALL BE TRANSMITTED FOR FILING WITH THE CITY CLERK. IN  THE  EVENT
 THE  CITY  PLANNING  COMMISSION  SHALL  FAIL TO SUBMIT ITS REPORT WITHIN
 NINETY-FIVE DAYS OF RECEIPT OF THE ORIGINAL PROJECT PLAN,  IT  SHALL  BE
 REQUIRED TO IMMEDIATELY TRANSMIT THE ORIGINAL PLAN TO THE CITY CLERK FOR
 FILING AND NO REPORT OF THE CITY PLANNING COMMISSION SHALL BE NECESSARY.
   D. ALL PROJECT PLANS SHALL CONFORM WITH THE REQUIREMENTS OF THIS CHAP-
 TER.  THE  MAYOR  MAY  DETERMINE  THAT THE PLAN OR ANY PART OF THE PLAN,
 SHALL BE PREPARED BY, OR UNDER THE  SUPERVISION  OF  CITY  OFFICERS  AND
 EMPLOYEES  TO  BE  DESIGNATED BY THE MAYOR, OR BY PERSONS OR FIRMS TO BE
 EMPLOYED FOR THAT PURPOSE. EXCEPT AS OTHERWISE PROVIDED IN THIS CHAPTER,
 THE EXPENSE INCURRED FOR THE PREPARATION OF THE PLAN OR PART OF THE PLAN
 SHALL BE A CITY CHARGE.
   E. IF THE CITY SHALL THEREAFTER ESTABLISH OR  EXTEND  THE  PROJECT  OR
 PROVIDE  THE  IMPROVEMENTS  OR  ADDITIONAL  SERVICES OR CONTRACT FOR THE
 REQUIRED SERVICES, THE EXPENSE INCURRED BY THE CITY FOR THE  PREPARATION
 OF  THE  PLAN  OR ANY PART OF THE PLAN SHALL BE DEEMED TO BE PART OF THE
 COST OF THE IMPROVEMENT, OR THE RENDERING OF  ADDITIONAL  SERVICES,  AND
 THE  CITY SHALL BE REIMBURSED IN THE AMOUNT PAID, OR THE PORTION OF THAT
 AMOUNT WHICH THE CITY COUNCIL, AT A PUBLIC HEARING HELD PURSUANT TO THIS
 CHAPTER, SHALL ALLOCATE AGAINST THE PROJECT.
 S. 4040                             4
 
   § 25-506 NOTICE AND HEARING. A. AFTER THE FILING OF THE  PROJECT  PLAN
 IN THE OFFICE OF THE CITY CLERK, THE CITY COUNCIL MAY ADOPT A RESOLUTION
 AND  SHALL ENTER THE SAME IN THE MINUTES OF ITS PROCEEDINGS. THIS RESOL-
 UTION SHALL CONTAIN A COPY OF THE PROJECT PLAN, ANY REPORT OF  THE  CITY
 PLANNING COMMISSION OR BOARD, THE FACT THAT A PROJECT PLAN IS ON FILE IN
 THE  CITY CLERK'S OFFICE FOR PUBLIC INSPECTION AND THE TIME WHEN AND THE
 PLACE WHERE THE CITY COUNCIL WILL MEET AND HOLD A PUBLIC HEARING TO HEAR
 ALL PERSONS INTERESTED IN THE SUBJECT THEREOF.
   B. THE RESOLUTION SHALL ALSO CONTAIN A STATEMENT  THAT  ANY  OWNER  OF
 REAL  PROPERTY,  DEEMED BENEFITED AND THEREFORE WITHIN THE BOUNDARIES OF
 THE PROJECT, OBJECTING TO THE PLAN MUST FILE AN OBJECTION AT THE  OFFICE
 OF THE CITY CLERK WITHIN THIRTY DAYS OF THE CONCLUSION OF THE HEARING ON
 FORMS  MADE  AVAILABLE BY THE CLERK, AND, FURTHER, THAT IF (1) OWNERS OF
 AT LEAST FIFTY-ONE PERCENT OF THE ASSESSED VALUATION OF ALL THE BENEFIT-
 ED REAL PROPERTY SITUATED WITHIN THE BOUNDARIES OF THE PROJECT  PROPOSED
 FOR  ESTABLISHMENT  OR  EXTENSION,  AS  SHOWN  UPON THE LATEST COMPLETED
 ASSESSMENT ROLL OF THE CITY, OR (2) AT LEAST FIFTY-ONE  PERCENT  OF  THE
 OWNERS  OF  BENEFITED  REAL  PROPERTY  WITHIN  THE  AREA INCLUDED IN THE
 PROJECT  PROPOSED  FOR  ESTABLISHMENT  OR  EXTENSION,  SO   FILE   THEIR
 OBJECTIONS, THE PROJECT WILL NOT BE ESTABLISHED OR EXTENDED.
   C.  THE CITY COUNCIL SHALL CAUSE A COPY OF THE RESOLUTION OR A SUMMARY
 THEREOF TO BE PUBLISHED AT LEAST ONCE IN THE CITY RECORD OR A  NEWSPAPER
 IN GENERAL CIRCULATION IN THE CITY, THE FIRST PUBLICATION TO BE NOT LESS
 THAN  TEN  NOR  MORE THAN THIRTY DAYS BEFORE THE DAY SET FOR THE HEARING
 REQUIRED BY THIS SECTION. IN ADDITION, NOT LESS THAN TEN NOR  MORE  THAN
 THIRTY  DAYS BEFORE THE DATE SET FOR THE HEARING, THE CITY COUNCIL SHALL
 CAUSE A COPY OF THE RESOLUTION OR A SUMMARY THEREOF TO BE MAILED TO EACH
 OWNER OF REAL PROPERTY WITHIN THE BOUNDARIES OF THE PROPOSED PROJECT  AT
 THE  ADDRESS  SHOWN  ON  THE  LATEST CITY ASSESSMENT ROLL, TO SUCH OTHER
 PERSONS AS ARE REGISTERED WITH THE CITY TO RECEIVE TAX BILLS  CONCERNING
 REAL  PROPERTY WITHIN THE BOUNDARIES OF THE PROPOSED PROJECT, AND TO THE
 TENANTS OF EACH BUILDING WITHIN THE BOUNDARIES OF THE PROPOSED  PROJECT.
 IF THE CITY COUNCIL PUBLISHES OR MAILS A SUMMARY OF THE RESOLUTION, SUCH
 SUMMARY  SHALL  INCLUDE THE BUSINESS ADDRESS OF THE CITY CLERK, A STATE-
 MENT THAT COPIES OF THE RESOLUTION  SHALL  BE  MADE  AVAILABLE  FREE  OF
 CHARGE  TO  THE  PUBLIC,  THE IMPROVEMENTS PROPOSED AND THE MAXIMUM COST
 THEREOF, THE TOTAL ANNUAL AMOUNT PROPOSED TO BE  EXPENDED  FOR  IMPROVE-
 MENTS,  MAINTENANCE AND OPERATION, AND A STATEMENT INDICATING THE RIGHTS
 OF OWNERS TO OBJECT PURSUANT TO SUBDIVISION B OF THIS SECTION.
   D. THE RESOLUTION MAY FURTHER STATE THE PLACE,  OTHER  THAN  THE  CITY
 CLERK'S  OFFICE,  WHERE  THE PROJECT PLAN MAY BE INSPECTED IN ADVANCE OF
 THE HEARING, IF THE CITY COUNCIL DETERMINES THAT, IN THE  PUBLIC  INTER-
 EST, ANY ADDITIONAL PLACE OF INSPECTION IS NECESSARY OR DESIRABLE.
   § 25-507 ESTABLISHMENT  OR  EXTENSION  OF  THE PROJECT. A. NOT EARLIER
 THAN THIRTY DAYS AFTER THE CONCLUSION OF THE  LAST  DAY  OF  THE  PUBLIC
 HEARING  HELD PURSUANT TO SECTION 25-506 OF THIS CHAPTER, THE CITY COUN-
 CIL SHALL DETERMINE:
   (1) WHETHER THE NOTICE OF HEARING FOR ALL HEARINGS REQUIRED TO BE HELD
 WAS PUBLISHED AND MAILED AS REQUIRED BY LAW AND IS OTHERWISE SUFFICIENT;
   (2) EXCEPT AS OTHERWISE PROVIDED IN SECTION 25-503  OF  THIS  CHAPTER,
 WHETHER  ALL  THE  REAL  PROPERTY  WITHIN THE BOUNDARIES OF THE PROPOSED
 PROJECT OR EXTENSION WILL BENEFIT FROM THE ESTABLISHMENT OR EXTENSION OF
 THE PROJECT;
   (3) WHETHER ALL THE REAL PROPERTY BENEFITED  IS  INCLUDED  WITHIN  THE
 LIMITS OF THE PROPOSED PROJECT OR EXTENSION; AND
 S. 4040                             5
 
   (4)  WHETHER  THE  ESTABLISHMENT OR EXTENSION OF THE PROJECT IS IN THE
 PUBLIC INTEREST.
   B.  (1)  IF THE CITY COUNCIL SHALL DETERMINE THE QUESTION OF PARAGRAPH
 FOUR OF SUBDIVISION A OF THIS SECTION IN THE NEGATIVE, OR IF THE  REQUI-
 SITE  NUMBER  OF OWNERS SHALL HAVE FILED THEIR OBJECTIONS AS PROVIDED IN
 SECTION 25-506 OF THIS CHAPTER, THE CITY COUNCIL SHALL  ADOPT  A  RESOL-
 UTION  DISAPPROVING THE ESTABLISHMENT OR EXTENSION OF THE PROJECT, STAT-
 ING THE REASONS FOR ITS DETERMINATION AND ENTER THE SAME IN THE  MINUTES
 OF  ITS  PROCEEDINGS. THEREAFTER NO PLAN FOR THE ESTABLISHMENT OR EXTEN-
 SION OF A PROJECT TO INCLUDE ANY PART OF THE  PROPERTY  PROPOSED  TO  BE
 INCLUDED  IN  THE  DISAPPROVED  PROJECT  MAY  BE PREPARED AS PROVIDED IN
 SECTION 25-505 OF THIS CHAPTER UNTIL THE EXPIRATION OF AT LEAST ONE YEAR
 FROM THE DATE OF DISAPPROVAL.
   (2) IF THE CITY COUNCIL SHALL FIND  THAT  NOTICE  WAS  INCORRECTLY  OR
 INSUFFICIENTLY  GIVEN  OR  THAT, EXCEPT AS OTHERWISE PROVIDED IN SECTION
 25-506 OF THIS CHAPTER, ANY PART OR PORTION OF THE REAL PROPERTY  WITHIN
 THE  BOUNDARIES  OF  THE  PROPOSED PROJECT OR EXTENSION IS NOT BENEFITED
 THEREBY OR THAT CERTAIN PROPERTY BENEFITED THEREBY HAS NOT BEEN INCLUDED
 THEREIN, IT SHALL CALL A FURTHER HEARING AT A DEFINITE  PLACE  AND  TIME
 NOT LESS THAN TEN NOR MORE THAN THIRTY DAYS AFTER THIS DETERMINATION. IN
 THE  RESOLUTION  CALLING  SUCH  HEARING,  IT SHALL SPECIFY THE NECESSARY
 CHANGES, IF ANY, TO THE BOUNDARIES OF THE PROPOSED PROJECT OR  EXTENSION
 TO BE MADE IN ORDER THAT, EXCEPT AS OTHERWISE PROVIDED IN SECTION 25-503
 OF THIS CHAPTER, ALL OF THE REAL PROPERTY AND ONLY THAT REAL PROPERTY AS
 IS  DEEMED  BENEFITED  SHALL  BE  INCLUDED  WITHIN THE BOUNDARIES OF THE
 PROPOSED PROJECT OR EXTENSION. SUCH A  FURTHER  HEARING  SHALL  ALSO  BE
 REQUIRED  IN  THE  EVENT  THAT  THE  CITY  COUNCIL PROPOSES TO AMEND THE
 PROJECT PLAN TO REDUCE IMPROVEMENTS OR SERVICES  OR  PROVIDE  ADDITIONAL
 IMPROVEMENTS  OR SERVICES NOT INCLUDED IN THE ORIGINAL PLAN PRIOR TO THE
 ESTABLISHMENT OF THE PROJECT. NOTICE OF THE  FURTHER  HEARING  SHALL  BE
 PUBLISHED  AND  MAILED  IN THE MANNER PROVIDED IN SECTION 25-506 OF THIS
 CHAPTER, EXCEPT THAT, WHERE BOUNDARIES ARE TO BE  ALTERED,  THIS  NOTICE
 SHALL ALSO SPECIFY THE MANNER IN WHICH IT IS PROPOSED TO ALTER THE BOUN-
 DARIES  OF  THE PROPOSED PROJECT OR EXTENSION. THE FURTHER HEARING SHALL
 BE CONDUCTED IN THE SAME MANNER AS THE ORIGINAL HEARING.
   C. IF AND WHEN THE CITY COUNCIL SHALL DETERMINE IN THE AFFIRMATIVE ALL
 OF THE QUESTIONS SET  FORTH  IN  SUBDIVISION  A  OF  THIS  SECTION,  AND
 PROVIDED  THAT THE REQUISITE NUMBER OF OWNERS SHALL NOT HAVE OBJECTED AS
 PROVIDED IN SECTION 25-506 OF THIS CHAPTER, IT MAY  ADOPT  A  LOCAL  LAW
 APPROVING  THE  ESTABLISHMENT OR EXTENSION OF THE PROJECT AS THE BOUNDA-
 RIES SHALL BE FINALLY DETERMINED AND THE CONSTRUCTION OF THE IMPROVEMENT
 OR PROVIDING OF THE SERVICE IN THE PROJECT AREA. SUCH  LOCAL  LAW  SHALL
 BECOME  EFFECTIVE ONLY UPON COMPLIANCE WITH SECTION 25-508 OF THIS CHAP-
 TER.
   D. UPON THE RECOMMENDATION OF THE PROJECT MANAGEMENT  ASSOCIATION  AND
 AFTER  A  PUBLIC  HEARING, THE CITY COUNCIL MAY ADOPT A LOCAL LAW AT ANY
 TIME PRIOR TO OR AFTER THE ESTABLISHMENT OF  A  PROJECT  TO  CHANGE  THE
 METHOD  OF  ASSESSMENT  AS  SET FORTH IN THE PLAN. NOTICE OF SUCH PUBLIC
 HEARING AND A DESCRIPTION OF THE PROPOSED CHANGE SHALL BE GIVEN  IN  THE
 MANNER SET FORTH IN SECTION 25-506 OF THIS CHAPTER.
   § 25-508 REVIEW  BY  THE  STATE  COMPTROLLER. A. THE STATE COMPTROLLER
 SHALL REVIEW AS PROVIDED IN  THIS  SECTION:  (1)  THE  ESTABLISHMENT  OR
 EXTENSION OF A PROJECT; AND (2) THE AMENDMENT OF A PROJECT PLAN PURSUANT
 TO SUBDIVISION C OF SECTION 25-510 OF THIS CHAPTER.
   B.  WITHIN  TWENTY  DAYS AFTER THE ADOPTION OF A LOCAL LAW BY THE CITY
 COUNCIL PURSUANT TO SECTION 25-507 OR SUBDIVISION C OF SECTION 25-510 OF
 S. 4040                             6
 
 THIS CHAPTER, THE MAYOR SHALL FORWARD THE FOLLOWING INFORMATION  TO  THE
 STATE COMPTROLLER AT ALBANY, NEW YORK:
   (1)  AN ITEMIZED STATEMENT OF THE THEN OUTSTANDING INDEBTEDNESS OF THE
 CITY FOR ALL PURPOSES, AS EVIDENCED BY BONDS, BOND  ANTICIPATION  NOTES,
 CAPITAL  NOTES,  DEFERRED  PAYMENT NOTES AND BUDGET NOTES; THE AMOUNT OF
 BUDGETARY APPROPRIATIONS FOR THE  PAYMENT  OF  ANY  OUTSTANDING  INDEBT-
 EDNESS,  WHETHER  OR  NOT APPROPRIATIONS HAVE BEEN REALIZED AS CASH; THE
 AMOUNT OF INDEBTEDNESS PROPOSED TO BE CONTRACTED  FOR  THE  IMPROVEMENT,
 AND  THE  AMOUNTS,  PURPOSES AND PROBABLE DATE OF ISSUANCE OF ANY BONDS,
 BOND ANTICIPATION NOTES, CAPITAL NOTES, DEFERRED PAYMENT NOTES AND BUDG-
 ET NOTES WHICH THE CITY HAS AUTHORIZED TO BE ISSUED BUT  WHICH  IN  FACT
 HAVE NOT BEEN ISSUED TO DATE;
   (2)  A  STATEMENT  OF THE TOTAL ASSESSED VALUATION OF THE TAXABLE REAL
 PROPERTY SITUATED IN THE PROPOSED PROJECT OR EXTENSION OF A PROJECT,  AS
 SHOWN ON THE LATEST COMPLETED AND FOUR PRECEDING ASSESSMENT ROLLS OF THE
 CITY  AND  OF THE AMOUNT OF CITY REAL PROPERTY TAXES LEVIED AGAINST SUCH
 PROPERTY IN THE PRECEDING FISCAL YEAR;
   (3) A STATEMENT OF THE AVERAGE FULL  VALUATION  OF  THE  TAXABLE  REAL
 PROPERTY  OF  THE  CITY  DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF
 PARAGRAPH SEVEN-A OF SECTION 2.00 OF THE LOCAL FINANCE LAW; AND
   (4) A STATEMENT, THE FORM OF WHICH SHALL BE DETERMINED  BY  THE  STATE
 COMPTROLLER,  ATTESTING  THAT  THE  PROVISIONS OF THIS CHAPTER HAVE BEEN
 MET, SIGNED AND VERIFIED BY THE MAYOR.
   C. THE STATE COMPTROLLER SHALL REVIEW THE INFORMATION SUBMITTED PURSU-
 ANT TO PARAGRAPHS ONE, TWO AND THREE OF SUBDIVISION B OF THIS SECTION TO
 DETERMINE THAT THE TAX AND DEBT LIMITATIONS PROVIDED IN  SECTION  25-512
 OF  THIS  CHAPTER WILL NOT BE EXCEEDED BY THE ESTABLISHMENT OR EXTENSION
 OF THE PROJECT.
   D. THE STATE COMPTROLLER SHALL NOTIFY THE CITY  OF  SUCH  STATE  COMP-
 TROLLER'S  DETERMINATION  WITHIN  SIXTY DAYS OF THE RECEIPT OF THE ITEMS
 SPECIFIED IN SUBDIVISION B OF THIS SECTION. UNLESS THE STATE COMPTROLLER
 DETERMINES WITHIN SUCH TIME THAT THE TAX AND DEBT  LIMITATIONS  PROVIDED
 IN  SECTION 25-512 OF THIS CHAPTER WILL BE EXCEEDED BY THE ESTABLISHMENT
 OR EXTENSION OF THE PROJECT OR THAT THE STATEMENT REQUIRED BY  PARAGRAPH
 FOUR  OF  SUBDIVISION  B  OF  THIS  SECTION  DOES  NOT  COMPLY  WITH THE
 PROVISIONS OF SUCH PARAGRAPH, THE CITY MAY PROCEED WITH  THE  ESTABLISH-
 MENT  OR  EXTENSION  OF  THE PROJECT UPON RECEIPT OF THE NOTICE FROM THE
 STATE COMPTROLLER OF SUCH STATE COMPTROLLER'S DETERMINATION.
   E. UPON THE CITY'S COMPLIANCE WITH ANY OTHER REQUIREMENTS  ESTABLISHED
 BY LAW, THE LOCAL LAW ADOPTED PURSUANT TO SECTION 25-507 OF THIS CHAPTER
 SHALL BECOME EFFECTIVE.
   § 25-509 PUBLICATION; FILING; JUDICIAL REVIEW. A. THE CITY CLERK SHALL
 CAUSE  A  CERTIFIED  COPY  OF  THE  LOCAL  LAW  ADOPTED  PURSUANT TO THE
 PROVISIONS OF THIS CHAPTER ESTABLISHING OR  EXTENDING  ANY  PROJECT,  OR
 INCREASING  THE  MAXIMUM  TOTAL  AMOUNT  PROPOSED TO BE EXPENDED FOR THE
 IMPROVEMENT IN ANY PROJECT OR  EXTENSION,  OR  CHANGING  THE  METHOD  OF
 ASSESSMENT,  OR  AUTHORIZING  THE  PROJECT  TO INCUR DEBT TO PROVIDE FOR
 ADDITIONAL  IMPROVEMENTS  OR  SERVICES  WITHIN  THE  BOUNDARIES  OF  THE
 PROJECT,  TO BE DULY RECORDED IN THE CITY CLERK'S OFFICE WITHIN TEN DAYS
 AFTER SUCH LOCAL LAW BECOMES EFFECTIVE. WHEN SO RECORDED THIS LOCAL  LAW
 SHALL  BE  PRESUMPTIVE EVIDENCE OF THE REGULARITY OF THE PROCEEDINGS FOR
 THE ESTABLISHMENT OR EXTENSION OF THE PROJECT, OF THE PROCEEDINGS INSTI-
 TUTED FOR THE CONSTRUCTION OF ANY IMPROVEMENT AND OF ALL  OTHER  ACTIONS
 TAKEN IN RELATION TO IT.
   B.  WITHIN  TEN  DAYS  AFTER THE LOCAL LAW BECOMES EFFECTIVE, THE CITY
 CLERK SHALL, IN ADDITION TO ANY OTHER FILING REQUIRED BY  LAW,  CAUSE  A
 S. 4040                             7
 
 CERTIFIED  COPY  THEREOF  TO  BE  FILED IN THE OFFICE OF THE STATE COMP-
 TROLLER AT ALBANY, NEW YORK, AND WITHIN TWO WEEKS THEREAFTER SHALL CAUSE
 A COPY OF THE LOCAL LAW OR A SUMMARY THEREOF TO BE  PUBLISHED  AT  LEAST
 ONCE  IN  THE  CITY  RECORD OR A NEWSPAPER OF GENERAL CIRCULATION IN THE
 CITY.
   C. THIS LOCAL LAW SHALL BE FINAL AND CONCLUSIVE UNLESS A PROCEEDING TO
 REVIEW IS COMMENCED IN ACCORDANCE  WITH  THIS  SUBDIVISION.  ANY  PERSON
 AGGRIEVED  BY  ANY  LOCAL  LAW ADOPTED PURSUANT TO THIS CHAPTER MAY SEEK
 JUDICIAL REVIEW OF THE LOCAL LAW  IN  THE  MANNER  PROVIDED  BY  ARTICLE
 SEVENTY-EIGHT OF THE CIVIL PRACTICE LAW AND RULES, PROVIDED THE PROCEED-
 ING  IS COMMENCED WITHIN THIRTY DAYS FROM THE DATE OF THE PUBLICATION OF
 THE COPY OR SUMMARY OF THE LOCAL LAW PURSUANT TO SUBDIVISION B  OF  THIS
 SECTION.  NO  REVIEW  SHALL  BE  HAD UNLESS THE PETITIONER SHALL GIVE AN
 UNDERTAKING APPROVED BY THE SUPREME COURT, OR A JUSTICE THEREOF,  AS  TO
 FORM,  AMOUNT AND SUFFICIENCY OF SURETIES, THAT, IN THE EVENT OF FAILURE
 TO MODIFY THE LOCAL LAW, SUCH PETITIONER WILL PAY TO THE CITY ALL  COSTS
 AND  EXPENSES  AS  ARE  INCURRED BY IT ON ACCOUNT OF THE PROCEEDINGS, AS
 SHALL BE DETERMINED BY THE COURT. IN THE EVENT  THAT  UPON  THIS  REVIEW
 THERE SHALL BE ANY MODIFICATION BY THE COURT OF THE LOCAL LAW, THE COURT
 SHALL  DIRECT  THE  MODIFICATION  BY  JUDGMENT  WHICH SHALL BE FINAL AND
 CONCLUSIVE, AND THE CITY CLERK SHALL CAUSE THE JUDGMENT TO  BE  RECORDED
 AND  FILED  IN THE SAME PLACES AND MANNER AS WAS THE LOCAL LAW WHICH WAS
 MODIFIED.
   § 25-510 AMENDMENTS TO THE PROJECT PLAN. A.  AT  ANY  TIME  AFTER  THE
 ESTABLISHMENT  OR  EXTENSION  OF A PROJECT PURSUANT TO THE PROVISIONS OF
 THIS CHAPTER, THE PROJECT PLAN UPON WHICH THE ESTABLISHMENT OR EXTENSION
 WAS BASED, MAY, UPON THE RECOMMENDATION OF THE PROJECT MANAGEMENT  ASSO-
 CIATION, BE AMENDED BY THE CITY COUNCIL AFTER COMPLIANCE WITH THE PROCE-
 DURES SET FORTH IN THIS SECTION.
   B.  AMENDMENTS  TO  THE  PROJECT  PLAN  WHICH  PROVIDE  FOR ADDITIONAL
 IMPROVEMENTS OR SERVICES OR ANY CHANGE IN THE METHOD OF ASSESSMENT  UPON
 WHICH  THE PROJECT CHARGE IS BASED, OR AN INCREASE ONLY IN THE AMOUNT TO
 BE EXPENDED ANNUALLY FOR IMPROVEMENTS, SERVICES, MAINTENANCE AND  OPERA-
 TION  MAY BE ADOPTED BY LOCAL LAW, PROVIDED THAT THE CITY COUNCIL SHALL,
 AFTER A PUBLIC HEARING, DETERMINE THAT IT IS IN THE PUBLIC  INTEREST  TO
 AUTHORIZE THE ADDITIONAL IMPROVEMENTS, SERVICES OR INCREASE IN THE MAXI-
 MUM ANNUAL AMOUNT AND THAT THE TAX AND DEBT LIMITS PRESCRIBED IN SECTION
 25-512 OF THIS CHAPTER WILL NOT BE EXCEEDED. THE CITY COUNCIL SHALL GIVE
 NOTICE OF THE HEARING BY PUBLICATION OF A NOTICE IN AT LEAST ONE NEWSPA-
 PER  HAVING GENERAL CIRCULATION IN THE DISTRICT SPECIFYING THE TIME WHEN
 AND THE PLACE WHERE THE HEARING WILL BE HELD AND  STATING  THE  INCREASE
 PROPOSED  IN  THE  MAXIMUM  AMOUNT  TO BE EXPENDED ANNUALLY. THIS NOTICE
 SHALL BE PUBLISHED ONCE AT LEAST TEN DAYS PRIOR TO  THE  DATE  SPECIFIED
 FOR THE HEARING.
   C.  AMENDMENTS  TO  THE  PROJECT PLAN WHICH PROVIDE FOR THE PROJECT TO
 INCUR INDEBTEDNESS IN ORDER TO PROVIDE FOR  ADDITIONAL  IMPROVEMENTS  OR
 WHICH PROVIDE FOR AN INCREASE IN THE TOTAL MAXIMUM AMOUNT TO BE EXPENDED
 FOR  IMPROVEMENTS IN THE DISTRICT, MAY BE ADOPTED BY LOCAL LAW, PROVIDED
 THAT THE CITY COUNCIL SHALL, AFTER A PUBLIC HEARING, DETERMINE  THAT  IT
 IS IN THE PUBLIC INTEREST TO AUTHORIZE THE PROJECT TO INCUR INDEBTEDNESS
 TO  PROVIDE FOR ADDITIONAL IMPROVEMENTS OR TO INCREASE THE MAXIMUM TOTAL
 AMOUNT TO BE EXPENDED FOR IMPROVEMENTS IN THE PROJECT AREA AND THAT  THE
 TAX  AND  DEBT  LIMITS PRESCRIBED IN SECTION 25-512 OF THIS CHAPTER WILL
 NOT BE EXCEEDED. NOTICE OF THE HEARING SHALL BE PUBLISHED AND MAILED  IN
 THE  MANNER  PROVIDED  IN  SECTION 25-506 OF THIS CHAPTER. THE LOCAL LAW
 ADOPTED PURSUANT TO  THIS  SUBDIVISION  SHALL  NOT  BE  EFFECTIVE  UNTIL
 S. 4040                             8

 REVIEWED  BY  THE STATE COMPTROLLER IN ACCORDANCE WITH SECTION 25-508 OF
 THIS CHAPTER.
   § 25-511 EXPENSE  OF  THE  PROJECT.  A.  THE  EXPENSE  INCURRED IN THE
 CONSTRUCTION OR OPERATION OF ANY IMPROVEMENT OR PROVISION OF  ADDITIONAL
 SERVICES IN A PROJECT AREA PURSUANT TO THIS CHAPTER SHALL BE FINANCED IN
 ACCORDANCE  WITH THE PROJECT PLAN UPON WHICH THE ESTABLISHMENT OR EXTEN-
 SION OF THE PROJECT WAS BASED. SERVICES FOR WHICH PROPERTY OWNERS WITHIN
 THE BOUNDARIES OF THE PROJECT ARE CHARGED PURSUANT TO THE PLAN  MUST  BE
 IN  ADDITION TO OR AN ENHANCEMENT OF THOSE PROVIDED BY THE CITY PRIOR TO
 THE PROJECT'S ESTABLISHMENT. THE EXPENSE AND COST APPORTIONED  TO  BENE-
 FITED  REAL  PROPERTY IN ACCORDANCE WITH THE PLAN SHALL BE A CHARGE UPON
 EACH BENEFITED PARCEL OF REAL PROPERTY  WITHIN  THE  BOUNDARIES  OF  THE
 PROJECT.
   B.  THE  CHARGE  UPON BENEFITED REAL PROPERTY PURSUANT TO THIS CHAPTER
 SHALL BE IMPOSED AS  PROVIDED  IN  THE  PROJECT  PLAN.  IF  THE  FORMULA
 INCLUDES  AN AD VALOREM COMPONENT, THIS COMPONENT SHALL BE DETERMINED BY
 THE ASSESSED VALUE OF EACH PARCEL AS ENTERED  ON  THE  LATEST  COMPLETED
 ASSESSMENT ROLL USED BY THE CITY FOR THE LEVY OF GENERAL CITY TAXES. THE
 CHARGE  SHALL BE DETERMINED, LEVIED AND COLLECTED IN THE SAME MANNER, AT
 THE SAME TIME AND BY THE SAME OFFICERS, AS GENERAL CITY TAXES ARE LEVIED
 AND COLLECTED.
   C. WHEN A PROJECT HAS BEEN ESTABLISHED PURSUANT TO THIS  CHAPTER,  THE
 CITY MAY, FOR THE PURPOSE OF PROVIDING FUNDS FOR MAKING CAPITAL IMPROVE-
 MENTS  WITHIN  THE  BOUNDARIES  OF SUCH PROJECT, ISSUE AND SELL BONDS OR
 OTHER MUNICIPAL OBLIGATIONS AS PROVIDED IN THE  LOCAL  FINANCE  LAW  AND
 OTHER  APPLICABLE  LAWS AND STATUTES. PRINCIPAL AND INTEREST PAYMENTS ON
 THESE BONDS OR OTHER MUNICIPAL OBLIGATIONS MAY BE MADE IN  WHOLE  OR  IN
 PART  FROM  THE PROCEEDS OF CHARGES IMPOSED UPON BENEFITED REAL PROPERTY
 WITHIN THE BOUNDARIES OF THE PROJECT.
   § 25-512 TAX  AND  DEBT  LIMITATIONS.  A.  THE  AGGREGATE  AMOUNT   OF
 OUTSTANDING  INDEBTEDNESS  THAT IS INCURRED TO PROVIDE FUNDS FOR CAPITAL
 IMPROVEMENTS PURSUANT TO THIS CHAPTER SHALL BE  CHARGEABLE  AGAINST  THE
 CITY'S  CONSTITUTIONAL  DEBT LIMIT AND MAY NOT EXCEED TEN PERCENT OF THE
 AMOUNT ALLOWABLE UNDER THAT LIMIT. THE AGGREGATE AMOUNT  OF  OUTSTANDING
 INDEBTEDNESS  THAT IS INCURRED TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS
 PURSUANT TO THIS CHAPTER AND THAT IS  CHARGEABLE  AGAINST  THE  PROPERTY
 WITHIN  THE  DISTRICT  MAY  NOT EXCEED SEVEN PERCENT OF THE AVERAGE FULL
 VALUATION OF TAXABLE REAL PROPERTY IN THE DISTRICT.
   B. THE PROJECT CHARGE, EXCLUSIVE OF DEBT SERVICE, LEVIED  IN  A  GIVEN
 YEAR  AGAINST  REAL  PROPERTY  IN  A  PROJECT AREA MAY NOT EXCEED TWENTY
 PERCENT OF THE TOTAL GENERAL CITY TAXES LEVIED IN THAT YEAR AGAINST  THE
 TAXABLE  REAL PROPERTY IN THE PROJECT AREA. THE PROJECT CHARGE SO LEVIED
 SHALL BE INCLUDED IN THE TOTAL AMOUNT, IF ANY, THAT THE CITY IS  PERMIT-
 TED BY LAW TO RAISE IN THAT YEAR BY A TAX ON REAL PROPERTY.
   § 25-513 EXPENDITURE  OF  PROJECT FUNDS. A. THE PROCEEDS OF ANY CHARGE
 IMPOSED PURSUANT TO THIS CHAPTER SHALL BE HELD BY  THE  COMPTROLLER  AND
 SHALL  BE SEPARATELY ACCOUNTED FOR IN THE BOOKS AND RECORDS OF THE CITY.
 NONE OF THE PROCEEDS COLLECTED PURSUANT TO THIS CHAPTER  SHALL  BE  USED
 FOR  ANY  PURPOSES OTHER THAN THOSE SET FORTH IN THE PROJECT PLAN. THESE
 FUNDS MAY BE PAID OUT FOR PROJECT PURPOSES IN ACCORDANCE WITH THE GENER-
 AL PROCEDURES FOR PAYMENT OF OTHER CITY EXPENDITURES.
   B. ALL CONTRACTS FOR IMPROVEMENTS, GOODS OR SERVICES  TO  BE  PROVIDED
 FOR THE PROJECT SHALL BE SUBJECT TO ALL APPLICABLE PROVISIONS OF THE LAW
 RELATING TO THE LETTING OF CONTRACTS BY THE CITY.
   § 25-514 PROJECT  MANAGEMENT  ASSOCIATION. A. THERE SHALL BE A PROJECT
 MANAGEMENT ASSOCIATION FOR EACH  PROJECT  ESTABLISHED  PURSUANT  TO  THE
 S. 4040                             9
 
 PROVISIONS  OF  THIS CHAPTER (WHICH SHALL PURSUANT TO THE NOT-FOR-PROFIT
 CORPORATION LAW HAVE ONE  OR  MORE  CLASSES  OF  MEMBERSHIP,  VOTING  OR
 NONVOTING)  FOR  THE  PURPOSE  OF CARRYING OUT SUCH ACTIVITIES AS MAY BE
 PRESCRIBED  IN  THE  PLAN. NOTWITHSTANDING ANY INCONSISTENT PROVISION OF
 PARAGRAPH (E) OF SECTION SIX HUNDRED ELEVEN OF THE NOT-FOR-PROFIT CORPO-
 RATION LAW, THE CERTIFICATE OF INCORPORATION OR BY-LAWS OF SUCH  ASSOCI-
 ATION  SHALL PROVIDE FOR VOTING REPRESENTATION OF OWNERS OF PROPERTY AND
 TENANTS WITHIN THE BOUNDARIES OF THE PROJECT, AND MAY PROVIDE  THAT  THE
 VOTES  OF  MEMBERS  WHO ARE PROPERTY OWNERS BE WEIGHTED IN PROPORTION TO
 THE ASSESSMENT LEVIED OR TO BE LEVIED AGAINST THE PROPERTIES WITHIN  THE
 BOUNDARIES  OF  THE  PROJECT,  PROVIDED  THAT IN NO CASE SHALL THE TOTAL
 NUMBER OF VOTES ASSIGNED TO ANY ONE SUCH MEMBER OR TO ANY NUMBER OF SUCH
 MEMBERS UNDER COMMON OWNERSHIP OR CONTROL EXCEED THIRTY-THREE  AND  ONE-
 THIRD PERCENT OF THE TOTAL NUMBER OF VOTES WHICH MAY BE CAST.
   B.  THE  BOARD  OF  DIRECTORS  OF THE ASSOCIATION SHALL BE COMPOSED OF
 REPRESENTATIVES OF OWNERS AND  TENANTS  WITHIN  THE  BOUNDARIES  OF  THE
 PROJECT, PROVIDED, HOWEVER, THAT NOT LESS THAN A MAJORITY OF ITS MEMBERS
 SHALL  REPRESENT OWNERS, AND PROVIDED FURTHER THAT TENANTS OF COMMERCIAL
 SPACE AND DWELLING UNITS WITHIN THE BOUNDARIES OF THE PROJECT SHALL ALSO
 BE REPRESENTED ON THE BOARD. THE BOARD SHALL INCLUDE, IN ADDITION,  FOUR
 MEMBERS,  ONE  MEMBER APPOINTED BY EACH OF THE FOLLOWING: THE MAYOR, THE
 COMPTROLLER, THE BOROUGH PRESIDENT OF THE BOROUGH IN WHICH  THE  PROJECT
 IS  LOCATED  AND THE COUNCIL MEMBER REPRESENTING THE COUNCIL DISTRICT IN
 WHICH THE PROPOSED PROJECT IS LOCATED, OR IF  THE  PROPOSED  PROJECT  IS
 LOCATED  IN  MORE  THAN ONE COUNCIL DISTRICT, BY THE SPEAKER OF THE CITY
 COUNCIL AFTER CONSULTATION WITH THE  COUNCIL  MEMBERS  REPRESENTING  THE
 COUNCIL  DISTRICTS  IN  WHICH THE PROPOSED PROJECT IS LOCATED. THE ADDI-
 TIONAL FOUR MEMBERS SHALL SERVE AS THE INCORPORATORS OF THE  ASSOCIATION
 PURSUANT  TO  THE NOT-FOR-PROFIT CORPORATION LAW. THE ASSOCIATION MAY BE
 INCORPORATED PRIOR TO THE EFFECTIVE  DATE  OF  ANY  PROJECT  ESTABLISHED
 PURSUANT TO THIS CHAPTER.
   C. IN ADDITION TO SUCH OTHER POWERS AS ARE CONFERRED ON IT BY LAW, THE
 PROJECT  MANAGEMENT  ASSOCIATION  MAY  MAKE  RECOMMENDATIONS TO THE CITY
 COUNCIL WITH RESPECT TO ANY MATTER INVOLVING OR RELATING TO THE PROJECT.
   D. FOR SUCH CONSIDERATION AS IT MAY DEEM  APPROPRIATE  AND  CONSISTENT
 WITH  THE POWERS GRANTED PURSUANT TO SECTION 25-504 OF THIS CHAPTER, THE
 CITY COUNCIL MAY LICENSE OR GRANT TO THE PROJECT MANAGEMENT  ASSOCIATION
 THE  RIGHT TO UNDERTAKE OR PERMIT COMMERCIAL ACTIVITIES OR OTHER PRIVATE
 USES OF THE STREETS OR OTHER PARTS OF THE PROJECT AREA IN WHICH THE CITY
 HAS ANY REAL PROPERTY INTEREST.
   § 25-515 DISSOLUTION. A. ANY PROJECT ESTABLISHED OR EXTENDED  PURSUANT
 TO  THE  PROVISIONS  OF  THIS  CHAPTER,  WHERE THERE IS NO INDEBTEDNESS,
 OUTSTANDING AND UNPAID, INCURRED TO ACCOMPLISH ANY OF  THE  PURPOSES  OF
 THE  PROJECT, MAY BE DISSOLVED BY LOCAL LAW OF THE CITY COUNCIL UPON ITS
 OWN MOTION OR UPON THE WRITTEN PETITION OF (1) THE OWNERS  OF  AT  LEAST
 FIFTY-ONE  PERCENT  OR MORE OF THE TOTAL ASSESSED VALUATION OF ALL BENE-
 FITED REAL PROPERTY INCLUDED IN THE BOUNDARIES OF THE DISTRICT  AND  (2)
 AT  LEAST  FIFTY-ONE  PERCENT  OF  THE OWNERS OF BENEFITED REAL PROPERTY
 WITHIN THE AREA INCLUDED IN THE PROJECT. THE CITY COUNCIL SHALL  REQUEST
 AND  CONSIDER  THE RECOMMENDATIONS OF THE PROJECT MANAGEMENT ASSOCIATION
 CONCERNING ANY PROPOSED DISSOLUTION; PROVIDED THAT  IF  THE  ASSOCIATION
 HAS  NOT SUBMITTED RECOMMENDATIONS TO THE CITY COUNCIL WITHIN SIXTY DAYS
 AFTER REQUEST THEREFOR, THE CITY COUNCIL MAY  ADOPT  ANY  SUCH  PROPOSED
 DISSOLUTION  WITHOUT  CONSIDERING  SUCH RECOMMENDATIONS. IN THE EVENT OF
 DISSOLUTION, ALL ASSETS OF THE PROJECT SHALL REVERT TO THE CITY.
 S. 4040                            10

   B. A CERTIFIED COPY OF THE ORDER OF DISSOLUTION SHALL  BE  FILED  WITH
 THE STATE COMPTROLLER AT ALBANY, NEW YORK.
   § 25-516 SEVERABILITY. IF ANY PROVISION OF ANY SECTION OF THIS CHAPTER
 OR  THE  APPLICATION  THEREOF  TO  ANY  PERSON  OR CIRCUMSTANCE SHALL BE
 ADJUDGED INVALID BY ANY COURT OF COMPETENT JURISDICTION, SUCH  ORDER  OR
 JUDGMENT  SHALL BE CONFINED IN ITS OPERATION TO THE CONTROVERSY IN WHICH
 IT WAS RENDERED AND SHALL NOT AFFECT OR INVALIDATE THE REMAINDER OF  ANY
 PROVISIONS OF ANY SECTION OF THIS CHAPTER OR THE APPLICATION OF ANY PART
 THEREOF  TO  ANY  OTHER  PERSON  OR  CIRCUMSTANCE  AND  TO  THIS END THE
 PROVISIONS OF EACH SECTION OF THIS CHAPTER ARE  HEREBY  DECLARED  TO  BE
 SEVERABLE.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.