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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- Substituted by A7631
- Ordered to third reading cal.1413
- Reported and committed to rules
- Referred to finance
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 leasing of real property
Signed by Governor · Sponsor Crystal Peoples-Stokes
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4865
Title of bill
An act to amend chapter 95 of the laws of 2000 amending the state finance law, the general municipal law, the public buildings law and other laws relating to bonds, notes and revenues, in relation to extending the effectiveness thereof
Purpose:
To extend through June 30, 2020 the authority of the Commissioner of General Services to enter into leases for real property for a term not exceeding 15 years to meet the space requirements of State departments, agencies and offices.
Summary of Provisions:
This bill would extend by five years the authority of the Commissioner of General Services to enter into 15-year leases on behalf of State departments, agencies and offices.
Existing Law:
Public Buildings Law § 3(12) gives the Commissioner of General Services the authority to lease real property for a term not to exceed 10 years, except that the Commissioner may enter into a 15-year lease where the Commissioner finds that a longer term is in the best interests of the State. The Commissioner's exceptional authority for 15-year leases is set to expire on June 30, 2015.
Prior Legislative History:
Public Buildings Law § 3(12) was amended by L. 2000 c. 95 § 27 to give the Commissioner the authority to enter into 15-year leases, but such authority was set to expire on June 30, 2005. The five-year sunset provision has twice been extended for additional five-year periods by L. 2005 c. 56 pt. J and by L. 2010 c. 141.
Statement in Support:
In order to effectively and economically provide for the space requirements of State departments, agencies and offices under varying operational and economic circumstances, it is beneficial for the State to be able to use different terms for real property leases. The flexibility offered through the ability to enter into leases for terms not exceeding 15 years has resulted in reduced costs to State agencies and overall savings to the State. On average the cost difference between a 10- and 15-year term can offer savings of 7% to 10%. Continuing this authority will permit the State to enter into leases where it is necessary to provide a longer period of time to amortize costs of necessary tenant improvements undertaken by the landlord.
Budget Implications:
This bill will continue the cost savings that 15-year leases have generated since 2000.
Local impact:
None.
Effective Date:
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.