Relates to large capital projects to be financed in whole or in part with public funds

1 Co-sponsor

• William J. Larkin Jr.

Title of bill

An act relating to large capital projects to be financed in whole or in part with public funds and the disclosure of such projects

Purpose or general idea of bill

This bill would require the Chair of the Empire State Development Corporation to provide the legislature and the governor with a detailed report of public projects in the city of New York.

Summary of specific provisions

Section one of the bill states legislative findings concerning the need for detailed information regarding public projects. Section two defines certain terms. Section three requires the Chair of ESDC to issue a report within 45 days concerning the projects and details the content of the report.

Justification

There are in the city of New York many large capital projects to be financed in whole or in part with public funds or to be supported by tax and other public incentives and which are crucial to the economic and cultural interests of such city and the state of New York as a whole, and which are at some stage of proposal, planning or implementation. It is important that a full disclosure be made of the details of such projects, their projected costs to the city and state and to public benefit corporations, the projected benefits, the reasons why some of them have been delayed and why some of the proposals have been modified.

Legislative history

2008: Passed Senate/Assembly Ways and Means Cmte.

Fiscal implications

Minimal.

Effective date

Immediately.