Bill > S00941

This bill establishes the Reimaging Excess New York State Property (RENEW) Authority, a new public benefit corporation designed to purchase, reconstruct, renovate, and repurpose abandoned, surplus, or unused state-owned real property. The authority will be governed by a 13-member board appointed by various state legislative leaders, with members serving four-year terms without salary but receiving expense reimbursement. The authority will have broad powers, including purchasing property, issuing bonds, entering into contracts, leasing properties, and coordinating with state agencies to develop community facilities. The bill creates a comprehensive framework for the authority's operations, including detailed provisions about bond issuance, financial management, and reporting requirements. Key features include tax exemptions for the authority's property and bonds, protections from personal liability for board members, and requirements for annual detailed reporting to state leadership. The authority's primary goal is to strategically redevelop and optimize underutilized state-owned real estate, potentially creating new opportunities for community development, economic revitalization, and more efficient use of public assets. The act will take effect 90 days after becoming law.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S941