Bill > S02556

This bill amends the Public Authorities Law to establish more stringent requirements and transparency for public authorities when disposing of property for less than fair market value. The bill mandates that any property disposal must ensure fair market value, particularly for contracts with a right of first refusal, and requires public authorities to provide detailed information to their board and the public before approving below-market transfers. Specifically, the authority must disclose a full description of the asset, a current appraisal of its value, the purpose of the transfer, potential public benefits (such as job creation), the value being received compared to fair market value, and details about private parties involved in the transfer. Additionally, the bill requires that before approving a below-market transfer, the authority's board must make a written determination that no reasonable alternative exists to achieve the same purpose. The proposed changes also introduce a notification and potential denial process where the governor, assembly speaker, and senate president must be informed of proposed transfers and have 60 days to object. The bill aims to increase accountability and ensure that public property disposals are conducted in the public's best interest, with transparency and fair value as key priorities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S2556