NY S04685

Requires local legislative bodies to approve or disapprove any exercise of eminent domain power by public authorities, not-for-profit corporations, and agencies within their jurisdiction by majority vote, with chief executive officer approval if applicable.

Mandates preparation of a comprehensive economic development plan when eminent domain is used primarily for economic development purposes affecting homes or dwellings, including public hearings and assessment of expected benefits like tax revenue and job creation.

Requires condemnors to create a homeowner impact assessment statement comparing actual harm to displaced homeowners with reasonably expected community benefits.

Increases compensation for homeowners whose homes or dwellings are taken for economic development projects to a minimum of 150 percent of fair market value; displaced renters receive at least 150 percent of annual rent.

Extends the judicial review period for challenging a condemnor's determination and findings from 30 days to 90 days, with an additional 90-day period if the project scope or findings are substantially altered.