BILL NUMBER: S2556
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the public authorities law, in relation to disposals and
contracts for disposal of property
 
PURPOSE:
This bill will ensure that when land is disposed of by public authori-
ties, certain safeguards are in place, including disclosure of ownership
information, ensuring that disposals with that contain rights of first
refusal make certain that the land is transferred at or above fair
market value, that when land is transferred for less than fair market
value, it is in the public interest to do so and the legislature retains
oversight.
 
SUMMARY OF PROVISIONS:
This bill will ensure that when land is disposed of by public authori-
ties, certain safeguards are in place, including disclosure of ownership
information, ensuring that disposals with that contain rights of first
refusal make certain that the land is transferred at or above fair
market value, that when land is transferred for less than fair market
value, it is in the public interest to do so and the legislature retains
oversight.
 
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, Authorities use loopholes to dispose of land at below market rate,
with additional sweeteners such as rights of first refusal on additional
parcels. In addition, loopholes are used to bypass certain oversight and
transparency requirements. This legislation tightens up said require-
ments while ensuring that Authorities can still act as Economic Develop-
ment conduits.
 
LEGISLATIVE HISTORY:
2024: S1936 Passed Senate
2022: S4610 Passed Senate
 
FISCAL IMPLICATIONS:
No cost whatsoever.
 
LOCAL FISCAL IMPLICATIONS:
No cost whatsoever.
 
EFFECTIVE DATE:
Immediate.

Statutes affected:
S2556: 2897 public authorities law, 2897(6) public authorities law, 2897(7) public authorities law