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History
- Reported and committed to finance
- Referred to local government
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Allows municipalities to lease naming rights of government owned property
In Assembly Committee · Local Governments · Sponsor George Latimer
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to allowing municipalities to lease naming rights for government owned property
Purpose or general idea of bill
This bill allows municipalities, counties, cities, towns and villages an option to lease naming rights for governmentally owned properties and facilities (examples include but are not limited to waterfront property, parks, rail-trails, railroad tracks, city buses and stadiums etc.)
Summary of specific provisions
Section 1. The general municipal law is amended by adding a new section 99-V to read as follows: 99-V. Transfer and lease of naming rights. As used in this section the term municipality shall mean a county, city, town, or village.
Section 2. A municipality may enter into a contract to lease the naming rights of any property owned by such municipality according to the requirements of this section. The chief executive officer of the municipality shall be responsible for negotiating the contract, subject to the ratification of a majority of the members of the legislative body of such municipality.
Section 3. Such leasing agreement shall be for a period of not less than one year and not more than five years.
Section 4. Any transaction described in this section may be used by such municipality for any lawful municipal purpose.
Justification
The continued weakening economy is severely impacting many local governments. Property taxes are increasing and many taxpayers are unable to afford annual tax increases. Because of the weak economy in many of these communities, establishing a sound budget and providing the necessary services is becoming much tougher. In today's environment, local governments are consequently searching for new, innovative and creative ways of finding revenue streams. It is therefore incumbent upon the New York state legislature to provide municipalities with local options that would assist generating revenues to fund services and maintain municipality owned property. Providing the local government with greater flexibility in leasing naming rights for municipal owned facilities can generate critical revenues thereby relying less on property tax increases.
Prior legislative history
New Legislation.
Fiscal implications
None to New York State.
Effective date
This act will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.