Bill Text: NY S04417 | 2023-2024 | General Assembly | Introduced

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Bill Title: Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO LOCAL GOVERNMENT [S04417 Detail]

Download: New_York-2023-S04417-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4417

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 8, 2023
                                       ___________

        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the general municipal  law,  in  relation  to  adjusting
          value capture mechanisms for New York city and the metropolitan trans-
          portation authority, including transparency requirements; and to amend
          part PP of chapter 54 of the laws of 2016, amending the general munic-
          ipal  law relating to the New York transit authority and the metropol-
          itan transportation  authority,  in  relation  to  making  such  value
          capture mechanisms and transparency requirements permanent

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph f of subdivision 1 of section 119-r of the gener-
     2  al municipal law, as amended by section 2 of part PP of  chapter  54  of
     3  the laws of 2016, is amended to read as follows:
     4    f.  The  making  of  a  contract  with the metropolitan transportation
     5  authority, by itself or with one or more other municipal corporations to
     6  assist the authority in meeting its capital  or  operating  expenses  in
     7  providing mass transportation services of benefit to all or part of such
     8  municipal corporation, including undertaking a mass transportation capi-
     9  tal  project  in  or  near  the  municipal corporation. Such a municipal
    10  corporation may, according to the terms of the contract with the author-
    11  ity, establish, levy and collect taxes, assessments, and/or charges  and
    12  may  conditionally  or  unconditionally grant or pledge a portion of its
    13  revenues allocated according to subdivision  e  of  this  section.  Such
    14  municipal  corporation may designate mass transportation capital project
    15  districts that a municipal corporation finds, after conducting a  public
    16  hearing,  will  benefit  from  an identified mass transportation capital
    17  project.
    18    (i) (1) At least two weeks prior to  conducting  such  public  hearing
    19  under  this  subdivision,  the  municipal  corporation shall produce and
    20  publish on its website two separate analyses that include:  (A)  revenue

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05069-02-3
        S. 4417                             2

     1  projections  for  the  district  based on historic property tax data and
     2  analysis that the fair market value of properties within the subdistrict
     3  is expected to increase as a result of the  improvement,  by  more  than
     4  would  have  occurred in the absence of such improvement; and (B) trans-
     5  portation engineering analysis showing how the public would be served by
     6  the mass transportation capital project in such district or area.
     7    (2) Such analyses under clause one of this subparagraph shall  include
     8  accompanying data in a machine-readable, tabular format, and an explana-
     9  tion  of the methodology and specific assumptions used in each analysis.
    10  The public shall have the opportunity to submit written comments on such
    11  analyses provided, and the municipal corporation and/or the metropolitan
    12  transportation authority shall respond to  public  comment  received  in
    13  writing  and  at  such  public hearing in a report that is posted in the
    14  municipal corporation's website no later than one month after such hear-
    15  ing.
    16    (ii) Upon designating [such] a  mass  transportation  capital  project
    17  district, the municipal corporation may allocate a portion of its reven-
    18  ues  from the district according to terms it designs or has agreed to by
    19  contract. The municipal corporation may, in  allocating  and  collecting
    20  revenues  from  the district, make use of one or more methods to capture
    21  the value created by a mass transportation capital  project,  including,
    22  but not limited to:
    23    [(i)  tax  increment financing, meaning the allocation of an increment
    24  of property tax revenues in excess of the  amount  levied  at  the  time
    25  prior to planning of a mass transportation capital project;
    26    (ii)]  (1)  a special transportation assessment imposed upon benefited
    27  real property in proportion to the benefit  received  by  such  property
    28  from a mass transportation capital project, which shall not constitute a
    29  tax;
    30    [(iii)]  (2)  land value taxation, meaning the allocation of an incre-
    31  ment of tax revenues gained from levying taxes on the assessed value  of
    32  taxable  land  at  a  higher  rate  than the improvements, as defined in
    33  subdivision twelve of section one hundred two of the real  property  tax
    34  law; and
    35    [(iv)]  (3)  some combination of the above or other methods of gaining
    36  revenues that the municipal corporation is empowered  to  use,  provided
    37  that the total amount of all taxes, assessments, fees, charges, or rates
    38  levied  on  each  parcel or lot under this section shall be limited to a
    39  proportionate amount as near as possible to  the  actual  benefit  which
    40  each  lot  or  parcel  will  derive from the mass transportation capital
    41  project; and
    42    [(v)] (4) for purposes of this paragraph  the  term  municipal  corpo-
    43  ration  shall  include  only  those cities, towns, villages and counties
    44  described in section twelve hundred sixty-two of the public  authorities
    45  law.
    46    §  2. Section 3 of part PP of chapter 54 of the laws of 2016, amending
    47  the general municipal law relating to the New York transit authority and
    48  the metropolitan transportation authority, as amended by  section  1  of
    49  part J of chapter 58 of the laws of 2022, is amended to read as follows:
    50    § 3. This act shall take effect immediately[; provided that the amend-
    51  ments  to  subdivision  1  of section 119-r of the general municipal law
    52  made by section two of this act shall  expire  and  be  deemed  repealed
    53  April  1,  2023,  and provided further that such repeal shall not affect
    54  the validity or duration of any contract entered into before  that  date
    55  pursuant to paragraph f of such subdivision].
    56    § 3. This act shall take effect immediately.