Bill > A07848

This bill modifies the Public Authorities Law to establish more stringent requirements for public authorities when disposing of property, particularly when the property is sold for less than its fair market value. The bill requires that any property disposal with a right of first refusal must be transferred at or above fair market value. For transfers below market value, public authorities must now provide detailed information to their board and the public, including a full description of the asset, a current appraisal, 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 mandates 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 bill also introduces a notification and potential denial process where the governor, senate, and assembly can review and potentially block proposed transfers, with specific timelines for review. These changes aim to increase transparency and ensure that public property disposals are conducted in the public's best interest, with proper justification and oversight.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A7848