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History
- Signed chap.478
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.555
- Substituted for A7386
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.993
Show 1 earlier action
- Referred to local government
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.
Authorizes industrial development agencies to finance automobile racing facilities
Assembly Floor Calendar · Sponsor Joseph Morelle
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5137
Title of bill
An act to amend the general municipal law, in relation to industrial development agency's financing of automobile racing facilities
Purpose
To allow Industrial Development Agencies to finance automobile racing facilities.
Summary of provisions
§ 1 Amends section 852 of the general municipal law, as amended by chapter 541 to declare that it is the policy of NYS to protect and promote its inhabitants by the conservation, protection and improvement of the natural, cultural, historic and environmental resources and to control all forms of pollution generated by operation of industrial, manufacturing, warehousing, commercial, recreation, horse racing facilities, railroad facilities, automobile racing facilities and research facilities and grant development agencies the rights and powers to industrial pollution control facilities.
§2 Subdivision 4 of section 854 of the general municipal law is amended to define "Project" as any land, building or other improvement, and all real and personal properties located within the State of New York and within or outside or partially within and partially outside the municipality for whose benefit the agency was created. No agency shall use its funds in respect of any project wholly or partially outside the municipality for whose benefit the agency was created without the prior consent by the governing body or bodies of all the other municipalities in which a part or parts of the project are to be located.
§3 Section 854 of the general municipal law is amended by adding a new subdivision 20 to define an "automobile racing facility" as any closed-course motorsports complex and its ancillary grounds that has at least fifty thousand fixed seats for race patrons and hosts at least one NASCAR Sprint Cup series race and at least two other nationally recognized racing events each calendar year.
§4 The opening paragraph of section 858 of the general municipal law, is amended to cite, the purpose of the agency shall be to promote, develop, encourage and assist in the acquiring, constructing, reconstructing, improving, maintaining, equipping and furnishing industrial, manufacturing, warehousing, commercial, research and recreational facilities.
Justification
Currently, General Municipal Law does not allow Automobile Racing Facilities to be eligible for financing through Industrial
Development Agencies. 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. By allowing IDA's to finance automobile racing facilities, this legislation would greatly enhance tourism to 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.