Bill > S07081

This bill requires financial impact reports for state agencies, state authorities, or local development corporations when they use eminent domain powers for economic development projects. The financial impact report must include a comprehensive analysis of the proposed project, detailing estimated costs and benefits, projected tax revenues for the next three years, the amount of financial assistance (loans, grants, or tax benefits) received since the project's inception, and the present value of future anticipated assistance. If the report is prepared by a local development corporation, the relevant state agency or authority must review the document and provide recommendations if deemed necessary. This legislation aims to increase transparency and accountability in eminent domain proceedings by mandating detailed financial documentation that assesses the economic implications of projects involving the government's power to acquire private property for public use.

Justice

https://www.nysenate.gov/legislation/bills/2025/S7081