NY S05885

Authorizes the Empire State Development Corporation to acquire by eminent domain a parcel in Brooklyn (block 2287 lot 30, block 2294 lots 1 and 5, and block 2287 lot 16) at North 11th Street for public project purposes, waiving normal eminent domain procedure requirements due to a prior memorandum of understanding signed with the community during the 2005 Greenpoint-Williamsburg Waterfront Rezoning.

Requires the Empire State Development Corporation to immediately transfer the acquired parcel to New York City upon acquisition, with the city reimbursing the state for acquisition costs.

Obligates the city to convert the parcel into parkland as part of fulfilling its community commitment from the 2005 rezoning.

Requires the city to deposit $1 million annually into a state-administered trust account for parkland creation or maintenance if the city fails to complete the park development within one year of acquisition, with funds controlled exclusively by the state office of parks, recreation and historic preservation.

Takes effect immediately upon enactment.