BILL NUMBER: S2555
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the public authorities law, in relation to requirements
for explanatory statements regarding disposal of property
 
PURPOSE:
This bill will ensure that when land is disposed of by public authori-
ties, the names of all beneficial owners of the property shall be
disclosed via an explanatory statement that will be publicly available.
 
SUMMARY OF PROVISIONS:
This bill will ensure that when land is disposed of by public authori-
ties, the names of all beneficial owners of the property shall be
disclosed via an explanatory statement that will be publicly available.
 
JUSTIFICATION:
Despite numerous reforms and good work from the Authorities Budget
Office, there are still a myriad number of loopholes that Public Author-
ities, IDAs, and the like use to keep the public in the dark. Current-
ly, when an Authority seeks to dispose of land, including at below
market rate, those to whom the land is sold are not required to be
disclosed. This type of opaque process only encourages corruption, self-
dealing and sweetheart deals. Ensuring that all beneficial owners iden-
tities are disclosed should shine some necessary light on the process.
 
LEGISLATIVE HISTORY:
2024: S1937 Comrie/ A10380 Bichotte-Hermelyn 2022: S4611
 
FISCAL IMPLICATIONS:
No cost whatsoever.
 
LOCAL FISCAL IMPLICATIONS:
No cost whatsoever.
 
EFFECTIVE DATE:
Immediate.

Statutes affected:
S2555: 2897 public authorities law, 2897(6) public authorities law