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NY S00991
Bill
Status
1/5/2011
Primary Sponsor
Velmanette Montgomery
Click for details
AI Summary
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Developers must deposit 10 percent of total estimated project cost into an escrow account prior to commencing any construction within New York City.
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Escrow funds are used to settle claims from property owners whose property is damaged during construction or tenants displaced due to construction-related damage, with developers held strictly liable.
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All construction work must stop on a project if damage occurs to an adjoining property until that damaged property is repaired.
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The Department of Buildings must establish a claim procedure providing complete resolution of damage claims within 60 days from commencement.
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Unclaimed funds in the escrow account must be returned to the developer six months after project completion; property owners cannot be fined for violations caused by adjacent construction damage.
Legislative Description
Requires developers to deposit a portion of the total estimated project cost into an escrow account for damage caused to neighboring properties during construction; provides that any work on a project shall be stopped until repairs are made on the adjoining property; provides that the New York city department of buildings shall develop a procedure whereby individuals who suffer damage as a result of the construction may be reimbursed within a period of sixty days.
Last Action
COMMITTEE DISCHARGED AND COMMITTED TO RULES
3/12/2012