Bill > A03911

This bill amends the eminent domain procedure law to require financial impact reports for state-sponsored economic development projects that involve the use of eminent domain. Specifically, any contract entered into by a state agency, state authority, or local development corporation that uses eminent domain for economic development purposes must now be accompanied by a comprehensive financial report. The report must include a detailed analysis of the project's estimated costs and benefits, projected tax revenue for the next three years, the amount of financial assistance (such as loans, grants, or tax benefits) already received by the local development corporation, and the present value of future assistance expected during the project period. Additionally, if the report is prepared by a local development corporation, the relevant state agency or authority must review the report and provide recommendations if deemed necessary. This legislation aims to increase transparency and accountability in economic development projects that involve the government's power to acquire private property for public use.

Justice

https://www.nysenate.gov/legislation/bills/2025/A3911