NY S03422

Requires the Empire State Development Corporation chair to prepare a comprehensive report within 45 days on all large capital projects in New York City financed or supported with public funds, including West Side redevelopment (Javits Center, Moynihan Station, Hudson Yards, 7 line extension), Lower Manhattan/World Trade Center reconstruction, and other projects like Atlantic Yards and Willetts Point development.

Report must detail planning, financing, permitting, contracting, construction, and occupancy status of each project, including organizational, legal, financial, economic, and construction aspects with analysis of stakeholder opinions and differing views.

Report shall include analysis of financing mechanisms (incentives, benefits, subsidies, revenues from governmental units or public benefit corporations), economic impact projections on New York City and State, comparison of expected benefits to anticipated costs, and impact on Metropolitan Transportation Authority capital needs.

Chair must consult with private developers, government officials, and agencies including the Port Authority, Lower Manhattan Development Corporation, Metropolitan Transportation Authority, City of New York, and the Governor in preparing the report.

All consulted officials and agencies are authorized and directed to assist the chair in report preparation; act takes effect immediately upon enactment.