NY S02863

Replaces the term "tourism destination" with "regionally significant project" in General Municipal Law Section 862 to expand eligibility for agency financial assistance.

Requires the agency board to obtain an independent third-party cost-benefit analysis demonstrating more community benefits than costs before determining a project qualifies as regionally significant.

Mandates that a regionally significant project must be likely to attract significant visitors from outside the economic development region and preserve or increase permanent private sector jobs in the state.

Requires the chief executive officer of the city, town, or village where the project is located to confirm approval prior to the agency providing financial assistance.

Takes effect immediately upon enactment.