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NY A10972
Bill
Status
9/9/2020
Primary Sponsor
Judy Griffin
Click for details
AI Summary
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Amends Town Law Section 64 to restrict compensation in town eminent domain proceedings to the income capitalization method of valuation based on actual net income as allowed by the Public Service Commission.
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Title vests in the town only after state supreme court decision on compensation, final judgment entry, final decree filing, and conclusion or expiration of appeal time related to the condemnation proceeding.
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Allows towns to withdraw condemnation proceedings without prejudice or costs if courts use compensation methods other than income capitalization or if proposed compensation exceeds the rate base of assets as certified by the Public Service Commission.
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Applies identical restrictions and withdrawal rights to water districts through amendments to Town Law Section 215.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the acquisition of real property by eminent domain and the methods for calculating compensation for such acquisition.
Last Action
referred to local governments
9/9/2020