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Who cares
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Sponsors
1 Co-sponsor
History
- Reported referred to ways and means
- Referred to local governments
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Enables Schuyler county ida to finance automobile racing facilities
In Assembly Committee · Ways And Means · Sponsor George Winner
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10339
Title of bill
An act to amend the general municipal law, in relation to the Schuyler county industrial development agency's financing of automobile racing facilities
Purpose
To allow Schuyler County Industrial Development Agency to finance automobile racing facilities.
Summary of provisions
Section 1 of the bill amends Section 854 of the general municipal law by adding a new subdivision 20 defining "automo- bile racing facility" as any closed-course motor sports complex and its ancillary grounds that holds automobile racing exhibitions.
Section 2 of the bill designates the opening paragraph of section 892-a of the general municipal law as subdivision 1 to give Schuyler County IDA the power to acquire, construct, own, maintain, and lease or sell to an automobile racing facility or private business corporation any inter- est in an automobile racing facility operated wholly or within Schuyler County, together with all buildings, structures, machinery, equipment, facilities, and appurtenances thereto which the agency may deem neces- sary, useful or desirable in connection with the construction, improve- ment or operation of any such facility, including overnight accommo- dations and other facilities. It also adds a new subdivision 2 to allow Schuyler County IDA to finance such facilities through the issuance of its bonds and notes, by having the ability for such facilities to promote, develop, encourage, and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping of such facilities and encourage tourism while also advancing job opportunities, health, gener- al prosperity and economic welfare of the people of New York and improve their prosperity and standard of living.
Section 3 of the bill provides that the bill shall take effect imme- diately.
Justification
Currently, General Municipal Law does not allow Automo- bile Racing Facilities to be eligible for financing through the Schuyler County Industrial Development Agency. While Industrial Development Agen- cies in New York State are created to promote the economic welfare, recreation opportunities and prosperity of the inhabitants of a munici- pality or county, it is the IDA's function to actively attract and encourage development in the area in question. By allowing Schuyler County IDA to finance automobile racing facilities, this legislation would greatly enhance tourism in the area, foster economic growth, and support job creation which would greatly benefit New York State and its citizens during this time of economic trial.
Legislative history
New Bill.
Fiscal implications
None to the state.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.