What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1021
Title of bill
An act to exempt certain properties on Roosevelt Island in New York City from certain reporting requirements regarding the disposal of property by a public authority
Purpose or general idea of bill
To exempt certain properties on Roosevelt Island in New York City from the requirement to prepare an explanatory statement of the circumstances of the disposal by negotiation of public authority property.
Summary of specific provisions
Section 1: Provides that the provisions of paragraph d of subdivision 6 of section 2897 of the public authorities law, requiring the preparation of an explanatory statement of the circumstances of the disposal by negotiation of certain properties, shall not apply to the properties listed in section 2 of this act. Section 2: Lists the applicable properties.
Justification
The public authorities act provides that, in certain circumstances, public authorities may dispose of their property by negotiation or public auction, including in cases when the purpose of the transfer is within the purpose, mission or governing statute of the public authority. When public authority property is disposed of by negotiation, the law requires that an explanatory statement be prepared of the circumstances of such disposal; this statement must be submitted at least ninety days in advance of the disposal.
While the explanatory statement requirement is a useful safeguard in most cases, with respect to the unique situation of certain residential properties on Roosevelt Island, it is both unnecessary and potentially over-burdensome. These properties are held by the Roosevelt Island Operating Corporation (RIOC), a public benefit corporation created in 1984 to manage Roosevelt Island, oversee its continued development through the Island's Master Plan and allocate state capital funding and operational support. A central part of RIOC's purpose is the preservation of affordable housing on the Island.
These properties are unlike other properties covered by the public authorities act, as they consist of land on which there are existing residential buildings. They cannot be used for any purpose other than for housing; the only possible disposition of these properties is the extension of their ground leases by RIOC. As such, the explanatory statement requirement, which is designed to prevent improper disposal of public property, simply represents in this case an unnecessary obstacle to RIOC's ability to reasonably negotiate such ground lease extensions in a way that will ensure the preservation of affordable housing at these sites. Given the unique circumstances of these properties, it is reasonable to exempt them from the explanatory statement requirement;
such an exemption will also contribute to the State's public policy goal of preserving affordable housing on Roosevelt Island.
Prior legislative history
None.
Fiscal implications
None. 2011-2012: S4276
Effective date
Act to take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.