NY A05987

Empire State Development Corporation must publish an accounting within 90 days of all state and local benefits granted for professional sports facility construction, reconstruction, repair, or rehabilitation since January 1, 2009, with annual updates by February 15 thereafter.

State and local authorities granting benefits for professional sports facilities must require at least seven percent of all tickets for each event be subject to an affordable ticket agreement, with affordability defined as prices accessible to persons earning at or below 60 percent of area median income.

Affordable ticket agreements must be publicly disclosed at least 30 days before any benefit is granted and must include provisions preventing resale of tickets above face value.

Benefits granted for professional sports facilities must be conditioned on facility policies limiting ticket price increases to no more than two percent annually for ten years if cumulative price increases exceeded 30 percent in the prior three years.

State and local authorities must report all benefit terms to Empire State Development Corporation no later than when the benefit is granted or obligated to be granted.