NY S08986

Amends a 2021 law authorizing New Rochelle to sell parkland by adding a reversion clause requiring title to revert to New York State if the Armory Building (including annex) is not preserved or if dedicated veterans organization space is not maintained at no charge or minimal rental.

Modifies the legal description of parklands to be discontinued (2.908 acres) and releases a previously reserved 20-foot-wide easement held by the State of New York.

Revises descriptions of waterfront lands to be alienated (Parcels A, B, and C totaling approximately 5.41 acres) with updated boundary specifications and surveying coordinates.

Updates the parkland dedication requirement to allow the city to apply for and obtain grants of state-owned lands formerly under Echo Bay waters, with new acreage specified at 2.73 acres instead of the original 2.68 acres.

Requires the city to dedicate additional parkland or fund capital improvements equal to any difference in fair market value between discontinued and dedicated lands.