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Bill > A03921


NY A03921

NY A03921
Establishes 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
In Committee
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)

bill text


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