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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S04203 Summary: BILL NO S04203A &nbsp SAME AS No Same As &nbsp SPONSOR COMRIE &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Amd §119-r, Gen Muni L; amd Part PP §3, Chap 54 of 2016 &nbsp Updates value capture mechanisms for NYC and the MTA, including transparency requirements; extends such provisions of law until April 1, 2031.

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STATE OF NEW YORK ________________________________________________________________________

4203--A

2025-2026 Regular Sessions

IN SENATE

February 3, 2025 ___________

Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- recom- mitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee

AN ACT to amend the general municipal law, in relation to adjusting value capture mechanisms for New York city and the metropolitan trans- portation authority, including transparency requirements; and to amend part PP of chapter 54 of the laws of 2016 amending the general munici- pal law relating to the New York transit authority and the metropol- itan transportation authority, in relation to extending such value capture mechanisms and transparency requirements

The People of the State of New York, represented in Senate and Assem- bly, do enact as follows:

1 Section 1. Paragraph f of subdivision 1 of section 119-r of the gener- 2 al municipal law, as added by section 2 of part PP of chapter 54 of the 3 laws of 2016, is amended to read as follows: 4 f. The making of a contract with the metropolitan transportation 5 authority, by itself or with one or more other municipal corporations to 6 assist the authority in meeting its capital or operating expenses in 7 providing mass transportation services of benefit to all or part of such 8 municipal corporation, including undertaking a mass transportation capi- 9 tal project in or near the municipal corporation. Such a municipal 10 corporation may, according to the terms of the contract with the author- 11 ity, establish, levy and collect taxes, assessments, and/or charges and 12 may conditionally or unconditionally grant or pledge a portion of its 13 revenues allocated according to [ subdivision ] paragraph e of this 14 [ section ] subdivision . 15 (i) For any mass transportation capital project located in the city of 16 New York, the municipal corporation or metropolitan transportation 17 authority shall notify in writing the community board or boards, any

EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00218-03-6

S. 4203--A 2

1 part of whose district or districts would be contained within a proposed 2 mass transportation capital project district, at least forty-five days 3 prior to conducting the public hearing as required by this section. Upon 4 request from such board or boards the municipal corporation or authority 5 shall, at a date convenient to such board or boards, present information 6 regarding the proposed mass transportation capital project and also 7 allow for public comment. For any proposed mass transportation capital 8 project, the municipal corporation or metropolitan transportation 9 authority shall notify in writing the municipal, state, and congression- 10 al elected representatives, any part of whose district or districts 11 would be contained within a proposed mass transportation capital project 12 district, at least forty-five days prior to conducting the public hear- 13 ing as required by this paragraph. Such municipal corporation may desig- 14 nate mass transportation capital project districts that a municipal 15 corporation finds, after conducting a public hearing, will benefit from 16 an identified mass transportation capital project. 17 (ii) Upon designating [ such ] a mass transportation capital project 18 district, the municipal corporation may allocate a portion of its reven- 19 ues from the district according to terms it designs or has agreed to by 20 contract. The municipal corporation may, in allocating and collecting 21 revenues from the district, make use of one or more methods to capture 22 the value created by a mass transportation capital project, including, 23 but not limited to: 24 [ (i) ] (1) tax increment financing, meaning the allocation of an incre- 25 ment of property tax revenues in excess of the amount levied at the time 26 prior to planning of a mass transportation capital project; 27 [ (ii) ] (2) a special transportation assessment imposed upon benefited 28 real property in proportion to the benefit received by such property 29 from a mass transportation capital project, which shall not constitute a 30 tax; 31 [ (iii) ] (3) land value taxation, meaning the allocation of an incre- 32 ment of tax revenues gained from levying taxes on the assessed value of 33 taxable land at a higher rate than the improvements, as defined in 34 subdivision twelve of section one hundred two of the real property tax 35 law; and 36 [ (iv) ] (4) some combination of the above or other methods of gaining 37 revenues that the municipal corporation is empowered to use, provided 38 that the total amount of all taxes, assessments, fees, charges, or rates 39 levied on each parcel or lot under this section shall be limited to a 40 proportionate amount as near as possible to the actual benefit which 41 each lot or parcel will derive from the mass transportation capital 42 project; and 43 [ (v) ] (5) for purposes of this paragraph the term municipal corpo- 44 ration shall include only those cities, towns, villages and counties 45 described in section twelve hundred sixty-two of the public authorities 46 law. 47 (iii) For any mass transportation capital project in which a municipal 48 corporation would use the methods authorized by this paragraph, at least 49 forty-five days prior to conducting the public hearing as required by 50 this paragraph the municipal corporation shall produce and publish on 51 its website two separate analyses that include, without limitation: 52 (1) revenue projections for the mass transportation capital project 53 district based on factors, including but not limited to, historic prop- 54 erty, sales, mortgage recording tax data, business and income taxes, and 55 analysis that the fair market value of properties and projected sales, 56 business, income, and mortgage recording taxes within such district are

S. 4203--A 3

1 expected to increase as a result of the improvement, by more than would 2 have occurred in the absence of the improvement after accounting for the 3 entire capital cost of the mass transportation capital project being 4 financed, as well as analogous projections for the community board 5 district or districts or city, town, village or county not wholly 6 contained within a city surrounding the proposed mass transportation 7 capital project district; 8 (2) transportation engineering analysis showing how the public would 9 be served by the mass transportation capital project in such district or 10 area; 11 (3) explanation from the relevant assessing body on the amount of the 12 projected special transportation assessment or increased levy on a prop- 13 erty or parcel; 14 (4) projected cost of the mass transportation capital project and 15 proposed funding sources; 16 (5) explanation from the relevant assessing body on how the proposed 17 mass transportation capital project would impact a property or parcel's 18 assessed land value, in addition to how the proposed mass transportation 19 capital project would impact school district and special district tax 20 levies within the county or city not wholly contained within a county 21 where the proposed mass transportation project district would be 22 created; and 23 (6) any incentives or expenditures planned to induce commercial activ- 24 ity in the mass transportation capital project district, including with- 25 out limitation payments in lieu of taxes, payments in lieu of sales 26 taxes, payments in lieu of mortgage recording taxes, state grants, 27 loans, loan guarantees, loan interest subsidies, subsidies, tax credits, 28 tax exemptions, reduced tax rates or other tax incentives which are 29 applied for and preapproved or certified by a state or municipal agency 30 or authority, and industrial development agency or local development 31 corporation assistance. Such analyses shall include accompanying data in 32 a machine-readable, tabular format, and an explanation of the methodol- 33 ogy and specific assumptions used in each analysis. The public shall 34 have the opportunity to submit written comments on the analyses 35 provided, and the municipal corporation and/or the metropolitan trans- 36 portation authority shall respond to public comments received in writing 37 and/or at such public hearing in a report that is posted on the public 38 facing portion of such municipal corporation's website no later than one 39 month after such hearing. 40 § 2. Section 3 of part PP of chapter 54 of the laws of 2016 amending 41 the general municipal law relating to the New York transit authority and 42 the metropolitan transportation authority, as amended by section 1 of 43 part I of chapter 58 of the laws of 2025, is amended to read as follows: 44 § 3. This act shall take effect immediately; provided that the amend- 45 ments to subdivision 1 of section 119-r of the general municipal law 46 made by section two of this act shall expire and be deemed repealed 47 April 1, [ 2026 ] 2031 , and provided further that such repeal shall not 48 affect the validity or duration of any contract entered into before that 49 date pursuant to paragraph f of such subdivision. 50 § 3. This act shall take effect immediately and shall be deemed to 51 have been in full force and effect on and after April 1, 2026; provided, 52 however, that the amendments to paragraph f of subdivision 1 of section 53 119-r of the general municipal law made by section one of this act shall 54 not affect the expiration of such subdivision and shall expire there- 55 with.

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