STATE OF NEW YORK ________________________________________________________________________ 9152 IN SENATE August 17, 2018 ___________ Introduced by Sen. SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the general business law, in relation to requiring a market and financial feasibility study prior to approval of an appli- cation to construct a hotel or motel in a city with a population of over one million The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The general business law is amended by adding a new section 2 209-h to read as follows: 3 § 209-h. Required market and financial feasibility study. No applica- 4 tion to construct a new hotel or motel in a city with a population of 5 over one million shall be approved without the applicant having first 6 obtained a market and financial feasibility study. Said study shall 7 analyze market demand and financial feasibility for the proposed hotel 8 or motel project, as well as the effect on the surrounding neighborhood. 9 Said study shall be provided to the relevant municipal authority review- 10 ing such application to construct a new hotel or motel. 11 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD16479-01-8