NY S09747

Authorizes New York City to discontinue parkland use and lease approximately 76.96 acres of asphalt parking lots in Flushing Meadows Corona Park to New Green Willets, LLC for development including a hotel, convention center, and multi-level parking facility.

Requires the city to dedicate fair market value equal to the discontinued parkland toward acquiring new parklands or capital improvements within Queens, including development of at least 50 acres of free public open space with ball courts, athletic fields, playgrounds, and a north-south pedestrian connection to Flushing Bay.

Permits leases or agreements with the developer for constructing, maintaining, and operating the open space for a term not exceeding 30 years.

Requires compliance with federal requirements if the parkland received federal funding and prohibits use of the land as a gaming facility.

Reverts the parkland back to the City Department of Parks and Recreation if not actively converted for development within 15 years or if used for purposes other than those specified in the act.