NY S04156

Amends the definition of "first building permit" to specify it must allow actual construction work on the proposed project to commence, not merely site preparation.

Applies the clarified definition to the four-year deadline for meeting minimum required expenditures and the five-year deadline for completing construction.

Requires preliminary applications to be filed on or before issuance of the first building permit that allows actual construction work to commence.

Requires final applications to be filed within one year of the first building permit that allows actual construction work to commence.

Takes effect immediately and applies to construction projects delayed by Hurricane Sandy (fall 2012) that are under contested review by a court or the New York City Department of Finance.