Authorizes the city of Troy to alienate and convey waterfront real property referred to as the Scolite Site

BILL NUMBER:S5657

Title of bill

An act authorizing the city of Troy to alienate and convey waterfront real property referred to as the Scolite Site

Purpose or general idea of bill

This bill allows the city of Troy to sell or lease waterfront real property for development.

Summary of specific provisions

Section 1. Notwithstanding any inconsistent provision of Section 20 of the general city law, the city of Troy, acting by and through its city council, is authorized to sell or lease waterfront real property known as the Scolite Site as described in section three of this act.

Section 2. The authorization contained in section one of this act shall take effect only upon the condition that the city of Troy dedicate an amount equal to or greater than the fair market value of the property being sold or leased in section three of this act toward acquisition of additional waterfront property and/or capital improvements to existing waterfront property.

Section 3. Describes the land authorized to be sold or leased.

Existing law

Under current law, there is a general prohibition on the sale of waterfront real property.

Justification

The city of Troy has requested that the prohibition on the sale or lease of waterfront property be waived specifically for the sale or lease of the particular real property, referred to as the Scolite Site, located along the northerly margin of Madison Street, and long the easterly Pierhead-Bulkhead line of the Hudson River.

Prior legislative history

New bill

Fiscal implications

None

Effective date

Immediately