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History
- Recommit, enacting clause stricken
- Referred to local government
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3925
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 "automobile racing facility" as any closed-course motor sports complex and its ancillary grounds that holds automobile racing exhibition.
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 interest in an automobile racing facility operated wholly or within Schulyer County, together with all buildings, structures, machinery, equipment, facilities, and appurtenances thereto which the agency may deem necessary, useful or desirable in connection with the construction, improvement or operation of any such facility, including overnight accommodations 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, general 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 should take effect immediately.
Justification
Currently, General Municipal Law does not allow Automobile Racing Facilities to be eligible for financing through the Schuyler County Industrial Development Agency. While Industrial Development Agencies in New York State are created to promote the economic welfare, recreation opportunities and prosperity of the inhabitants of a municipality 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 creating which would greatly benefit New York State and its citizens during this time of economic trial.
Legislative history
S.7179, A.10339
Fiscal implication
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.