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NY A10289
Bill
Status
5/17/2024
Primary Sponsor
David Weprin
Click for details
AI Summary
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Amends the Eminent Domain Procedure Law by adding Section 306 requiring financial impact reports for state agencies, state authorities, and local development corporations using eminent domain for economic development projects.
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Financial impact reports must include analysis of estimated costs and benefits, estimated retained or additional tax revenue for the next three years, assistance received by the local development corporation as loans, grants, or tax benefits since project start, and present value of future assistance for the project duration.
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State agencies or authorities must review financial reports prepared by local development corporations and make recommendations as deemed necessary, in consultation with other appropriate state agencies.
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Takes effect immediately upon enactment.
Legislative Description
Requires financial reports for real property acquired by the state, including any agencies and authorities, through eminent domain.
Last Action
referred to judiciary
5/17/2024