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NY S02869
Bill
Status
1/25/2023
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Requires state agencies, state authorities, and local development corporations to prepare financial impact reports when using eminent domain to acquire property for economic development purposes
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Financial impact reports must include analysis of estimated project costs and benefits, estimated tax revenue for the next three years, and all assistance provided as loans, grants, or tax benefits since project start
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Reports must calculate the present value of future assistance estimated for the project duration
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State agencies or authorities must review reports prepared by local development corporations and make recommendations as necessary
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Act takes effect immediately upon passage
Legislative Description
Requires financial reports for real property acquired by the state, including any agencies and authorities, through eminent domain.
Last Action
COMMITTED TO RULES
6/7/2024