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Who cares
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Sponsors
1 Co-sponsor
History
- Substituted by A8767A
- Ordered to third reading cal.832
- Print number 5828a
- Amend (t) and recommit to rules
- Referred to rules
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.
Relates to qualified capital investments at relocated vendor tracks in Sullivan County
Signed by Governor · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to a qualified capital investment at no more than one vendor track in Sullivan county
Purpose or general idea of bill
This bill will facilitate the investment of over six hundred million dollars for capital improvements at and adjacent to the Monticello Race Track.
Summary of specific provisions
Section 1 of the bill amends clause (G) of subparagraph (ii) of paragraph 1 of subdivision b of section 1612 of the tax law as amended by section 1 of part 0-1 of chapter 57 of the laws of 2009. The number of permanent employees to be hired is reduced from 2,000 to no fewer than 1,500 within three years of the opening of operations of the licensed video gaming facility or licensed vendor track. The "Qualified Capital Investment" is reduced from one billion to six hundred million dollars. The construction of the Convention Center has been removed from the project leaving "at least one eighteen hole golf course, and the construction and issuance of certificates of occupancy for hotels, lodging, spas, dining, retail and entertainment venues, parking garages and other capital improvements at or adjacent to the licensed video gaming facility or licensed vendor track." There is also a recapture provision in the legislation if there is an employment shortfall from that anticipated in and provided for in the legislation. Section 2 of the bill provides for an immediate effective date.
JUSTIFICATION :Due to the economic crisis which severely impacted the banking industry last fall and which continues to today, the ability of the developer to secure financing for the project at the previous threshold was impacted. The developer has firm commitments for financing at six hundred million dollars. Approval of this legislation will allow the developer to begin construction on the project at this lower level of financing. This bill will facilitate the investment of over S 600 million dollars for capital improvements at and adjacent to the Monticello Race Track. In particular, this bill will support the development of a hotel and golf course at the former site of the Concord Hotel. This bill therefore will help to revitalize the Catskill region by providing at least 1,500 full-time permanent jobs, as well as thousands of construction-related jobs during the construction period. Moreover, this bill will guarantee a stream funding to education that will double the current VLT revenues at Monticello Race Track.
Legislative history
New bill.
Fiscal implications
No negative fiscal impact to the State but it is anticipated the tax receipts will enhance State and local revenue.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.