Bill
Bill > A03921
NY A03921
NY A03921Establishes the reimaging excess New York state property act; provides the reimaging excess New York state property authority shall purchase any abandoned, surplus or otherwise unused state-owned real property and reconstruct, renovate, replace, maintain, repair, enlarge, extend, operate, lease, as lessee or lessor, and/or regulate the repurposing of such properties.
summary
Introduced
01/30/2025
01/30/2025
In Committee
01/30/2025
01/30/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the public authorities law, in relation to establishing the reimaging excess New York state property act
AI Summary
This bill establishes the Reimaging Excess New York State Property Authority (RENEW), 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 key powers of the authority include purchasing and managing state properties, issuing bonds to finance property improvements, entering into contracts, collecting fees, and coordinating with state agencies to develop community facilities. The bill provides detailed provisions for the authority's financial operations, including bond issuance, investment guidelines, and tax exemptions. The authority is designed to be a flexible tool for reimagining and revitalizing underutilized state real estate, with provisions ensuring financial accountability through annual reporting requirements and oversight by state comptrollers and legislative leaders. The bill aims to create a streamlined mechanism for transforming unused state properties into productive assets that can benefit local communities.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
referred to corporations, authorities and commissions (on 01/30/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.nysenate.gov/legislation/bills/2025/A3921 |
BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A03921&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A03921 |
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