NY S03447

Repeals Chapter 899 of the Laws of 1984 and creates a new Roosevelt Island Operating Corporation as a public benefit corporation under the Public Authorities Law to plan, develop, operate, maintain and manage Roosevelt Island.

Establishes a nine-member board of directors composed of the Commissioner of Homes and Community Renewal (chair), Director of the Budget, and seven public members appointed by the governor with senate consent, including at least four Roosevelt Island residents.

Transfers all rights and obligations of the Urban Development Corporation related to Roosevelt Island development and operation to the new corporation, including the lease and tramway franchise, while preserving UDC's financial interests and bond obligations.

Prohibits further development or construction on designated open space areas (Lighthouse Park, Octagon Park, Blackwell Park, and South Point Park) except for historic landmark restoration that preserves surrounding open space use.

Authorizes the corporation to provide grants up to three percent annually of operating budget to not-for-profit organizations serving Roosevelt Island residents, with annual reporting requirements, and establishes tax exemption for the corporation and its operations.