Assembly Bill A9752

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  9752

                          I N  A S S E M B L Y

                              May 20, 2014
                               ___________

Introduced by M. of A. MOSLEY -- read once and referred to the Committee
  on Corporations, Authorities and Commissions

AN  ACT to amend the public authorities law, in relation to enacting the
  "Atlantic Yards governance act"

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  findings  and intent. The legislature hereby
finds, determines and declares the following:
  1. The planning and development of the Atlantic  Yards  project  is  a
matter  of state concern and in the interest of the people of the state.
It may include both market rate  and  below  market  housing,  new  open
space,  commercial  and  retail  development  and a sports arena for New
Yorkers, as well as alleviate unsatisfactory conditions of  the  current
site.
  2.  It is in the public interest for the state and city of New York to
act together to oversee the development of the  Atlantic  Yards  project
and  to  ensure  the public is fully engaged and involved in the design,
development, and operation of the project, and in  the  development  and
implementation  of  policies to mitigate the project's anticipated envi-
ronmental impacts.
  3. The planning, environmental review, interim improvement, and devel-
opment process for the project that  has  been  conducted  to  date  has
furthered the foregoing purposes. It is intended that the Atlantic Yards
development trust, to the extent provided and subject to the limitations
set  forth  in  this  act,  replace the New York state urban development
corporation with respect to its authority over the  project,  for  among
other  things,  the  completion  of  the  development  process  and  the
construction, operation and maintenance of the project, all  in  accord-
ance with this act.
  4. The legislature finds that this act is in the public interest, is a
matter  of state concern, and is necessary to accomplish these important
public purposes. The legislature intends that  this  act  shall  operate
exclusively  for  purposes  relating  to the promotion of the health and
social welfare of the people of the state.

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

                                                           LBD15260-01-4

A. 9752                             2

  S 2. Short title. This act shall be known and  may  be  cited  as  the
"Atlantic Yards governance act."
  S  3.  Article  8 of the public authorities law is amended by adding a
new title 5 to read as follows:
                                  TITLE 5
                      ATLANTIC YARDS GOVERNANCE ACT
SECTION 1700. DEFINITIONS.
        1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
        1705. OTHER STATE LAWS AND AGENCIES.
        1706. NOTICE OF TORT.
        1707. TAX EXEMPTIONS.
        1708. STAKEHOLDER COUNCIL.
  S 1700. DEFINITIONS. AS USED IN THIS TITLE, THE FOLLOWING TERMS  SHALL
HAVE  THE FOLLOWING MEANINGS, UNLESS THE CONTEXT CLEARLY REQUIRES OTHER-
WISE:
  1. "BOARD" MEANS THE BOARD OF DIRECTORS OF THE ATLANTIC YARDS DEVELOP-
MENT TRUST.
  2. "GENERAL PROJECT PLAN" MEANS THE "ATLANTIC YARDS LAND USE  IMPROVE-
MENT  AND CIVIC PROJECT GENERAL PROJECT PLAN" DATED JULY EIGHTEENTH, TWO
THOUSAND SIX, AND ANY SUCCESSOR PLAN OR STATEMENT  OF  FINDINGS  CREATED
THEREAFTER  CONSISTENT  WITH THE STATE ENVIRONMENTAL QUALITY REVIEW ACT;
PROVIDED THAT THE GENERAL PROJECT PLAN SHALL  BE  CONSISTENT  WITH  THIS
TITLE.
  3. "ATLANTIC YARDS" OR "THE PROJECT" MEANS THE AREA IN THE CITY OF NEW
YORK  AND COUNTY OF KINGS ROUGHLY BOUNDED BY FLATBUSH AND FOURTH AVENUES
TO THE WEST, VANDERBILT AVENUE TO  THE  EAST,  ATLANTIC  AVENUE  TO  THE
NORTH,  AND  DEAN  AND  PACIFIC  STREETS  TO THE SOUTH AND INCLUDING THE
APPROXIMATELY NINE-ACRE BELOW-GRADE LONG  ISLAND  RAIL  ROAD  VANDERBILT
STORAGE  YARD AND METROPOLITAN TRANSPORTATION AUTHORITY STORAGE YARD FOR
INACTIVE NEW YORK CITY TRANSIT AUTHORITY BUSES.
  4. "ATLANTIC YARDS DEVELOPMENT TRUST"  OR  "TRUST"  MEANS  THE  PUBLIC
BENEFIT  CORPORATION  ESTABLISHED  PURSUANT TO SECTION SEVENTEEN HUNDRED
ONE OF THIS TITLE.
  S 1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.  1. THERE IS
HEREBY CREATED THE ATLANTIC YARDS DEVELOPMENT TRUST  WHICH  SHALL  BE  A
BODY  CORPORATE  AND POLITIC, CONSTITUTING A PUBLIC BENEFIT CORPORATION.
THE TRUST SHALL COME INTO EXISTENCE UPON THE THIRTIETH DAY FOLLOWING THE
APPOINTMENT OF NOT FEWER THAN EIGHT  MEMBERS  OF  ITS  BOARD  AS  HEREIN
PROVIDED, AND THE TRUST AND ITS CORPORATE EXISTENCE SHALL CONTINUE UNTIL
TERMINATED  BY THE LEGISLATURE. THE TRUST SHALL HAVE THE RIGHTS, POWERS,
RESPONSIBILITIES AND DUTIES SET FORTH IN  THIS  TITLE,  SUBJECT  TO  THE
LIMITATIONS  SET  FORTH  HEREIN, AND IT SHALL REPLACE THE NEW YORK STATE
URBAN DEVELOPMENT CORPORATION,  IN  ITS  AUTHORITY  OVER  THE  PLANNING,
DESIGN, CONSTRUCTION, OPERATION AND MAINTENANCE OF THE PROJECT. UPON THE
COMING  INTO  EXISTENCE  OF  THE  TRUST,  THE TRUST SHALL SUCCEED TO ALL
CONTRACTS, LEASES, LICENSES AND OTHER LEGAL OBLIGATIONS  RESPECTING  THE
PROJECT  TO  WHICH  ITS PREDECESSORS ARE PARTY AT OR AFTER THE EFFECTIVE
DATE OF THIS TITLE; PROVIDED THAT THE TRUST SHALL NOT ASSUME ANY DEBT OR
FINANCIAL OBLIGATION TO ANY PUBLIC BENEFIT CORPORATION  OR  GOVERNMENTAL
ENTITY.
  2.  THE  MEMBERS  OF THE BOARD OF THE ATLANTIC YARDS DEVELOPMENT TRUST
BOARD SHALL BE AS FOLLOWS:

A. 9752                             3

  (A) EIGHT MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE  PLEASURE  OF
THE  GOVERNOR,  AT  LEAST  ONE  OF  WHOM  SHALL BE A REPRESENTATIVE OF A
NOT-FOR-PROFIT, NON-GOVERNMENTAL ENVIRONMENTAL OR CIVIC ORGANIZATION.
  (B)  TWO MEMBERS SHALL BE APPOINTED BY THE SPEAKER OF THE ASSEMBLY, IN
CONSULTATION WITH  THE  MEMBER  OF  THE  ASSEMBLY  THAT  REPRESENTS  THE
DISTRICT OR DISTRICTS IN WHICH THE PROJECT IS LOCATED.
  (C)  TWO  MEMBERS SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
SENATE, IN CONSULTATION WITH THE SENATOR THAT REPRESENTS THE DISTRICT OR
DISTRICTS IN WHICH THE PROJECT IS LOCATED.
  (D) TWO MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF THE
MAYOR OF THE CITY OF NEW YORK.
  (E) ONE MEMBER SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF  THE
BOROUGH  PRESIDENT OF THE BOROUGH OF BROOKLYN, APPOINTED IN CONSULTATION
WITH BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT.
  (F) ONE NON-VOTING MEMBER SHALL BE APPOINTED BY THE STAKEHOLDER  COUN-
CIL AS PROVIDED IN SECTION SEVENTEEN HUNDRED EIGHT OF THIS TITLE.
  (G)  EACH  APPOINTING  AUTHORITY,  WITH  THE EXCEPTION OF THE BROOKLYN
BOROUGH PRESIDENT AND THE STAKEHOLDER COUNCIL, MAY APPOINT NO MORE  THAN
HALF THEIR MEMBERS AS CITY OR STATE EMPLOYEES.
  3.  EACH  MEMBER, EXCEPT FOR THE NON-VOTING MEMBER, OF THE BOARD SHALL
BE ENTITLED TO ONE VOTE ON ALL MATTERS VOTED ON BY  THE  BOARD.    EIGHT
MEMBERS  SHALL  CONSTITUTE A QUORUM. ALL ACTIONS AUTHORIZED BY A VOTE OF
THE BOARD SHALL REQUIRE THE AFFIRMATIVE VOTE OF A  QUORUM  IN  ORDER  TO
PASS.  THE  CHAIR SHALL BE DESIGNATED BY THE GOVERNOR AND SERVE AS CHAIR
AT THE PLEASURE OF THE GOVERNOR, AND THE VICE-CHAIR SHALL BE  DESIGNATED
BY  THE  MAYOR  OF THE CITY OF NEW YORK AND SERVE AT THE PLEASURE OF THE
MAYOR. DESIGNATION AS CHAIR OR VICE-CHAIR SHALL BE FOR  A  TERM  OF  TWO
YEARS.
  4.  MEMBERS  OF  THE BOARD SHALL NOT BE COMPENSATED FOR THEIR SERVICES
BUT MAY BE REIMBURSED FOR THEIR NECESSARY AND ACTUAL  EXPENSES  INCURRED
IN  CONNECTION WITH THE PERFORMANCE OF THEIR DUTIES. THE BOARD MAY DELE-
GATE TO ONE OR MORE OF ITS MEMBERS OR TO ITS OFFICERS, AGENTS OR EMPLOY-
EES SUCH POWERS AND DUTIES AS IT MAY DEEM PROPER.
  5. IT SHALL NOT BE DEEMED A CONFLICT  OF  INTEREST  FOR  A  PERSON  TO
SIMULTANEOUSLY HOLD POSITIONS AS A MEMBER OF THE BOARD AND AS AN OFFICER
OF  THE  TRUST. NO PUBLIC OFFICER OR EMPLOYEE SHALL FORFEIT OR BE DEEMED
TO HAVE FORFEITED SUCH PUBLIC OFFICE OR EMPLOYMENT BY ACCEPTING  MEMBER-
SHIP ON THE BOARD.
  S 1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST. THE TRUST IS
HEREBY  CREATED  TO  PERMIT  THE  FOLLOWING  PURPOSES TO BE FULFILLED IN
ACCORDANCE WITH THIS TITLE:
  1. TO PLAN, DESIGN,  DEVELOP,  CONSTRUCT,  OPERATE  AND  MAINTAIN  THE
PROJECT;
  2.  TO CREATE AFFORDABLE AND MARKET-RATE HOUSING, TO CREATE NEW PUBLIC
OPEN SPACE AND COMMERCIAL AND RETAIL DEVELOPMENT;
  3. TO ENSURE THE PUBLIC IS FULLY INVOLVED AND ENGAGED  IN  THE  GOVER-
NANCE OF THE PROJECT;
  4.  TO  COOPERATE,  AND TO COORDINATE MATTERS RELATING TO THE PROJECT,
WITH THE FEDERAL GOVERNMENT, THE STATE AND THE CITY OF NEW YORK AS  WELL
AS WITH COMMUNITY, ENVIRONMENTAL, AND CIVIC GROUPS;
  5.  TO ACCEPT APPROPRIATIONS, SUBSIDIES AND GRANTS FROM FEDERAL, STATE
AND LOCAL GOVERNMENTS; AND
  6. TO RECEIVE RENTS, PAYMENTS IN LIEU OF  TAXES,  AND  OTHER  REVENUES
GENERATED  WITHIN  THE  PROJECT,  AND TO USE THE SAME SOLELY TO IMPROVE,
OPERATE AND MAINTAIN THE PROJECT.

A. 9752                             4

  S 1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. 1. TO  FULFILL
ITS  PURPOSES  UNDER  THIS  TITLE,  THE  TRUST  SHALL HAVE THE FOLLOWING
POWERS, FUNCTIONS, DUTIES AND AUTHORITY SUBJECT TO THE  LIMITATIONS  SET
FORTH IN THIS TITLE:
  (A)  TO  PLAN,  DESIGN,  DEVELOP, CONSTRUCT, OPERATE, AND MAINTAIN THE
PROJECT;
  (B) TO IMPLEMENT THE GENERAL PROJECT PLAN FOR THE PROJECT;
  (C) TO  OVERSEE  IMPLEMENTATION  OF  THE  DESIGN  GUIDELINES  FOR  THE
PROJECT;
  (D)  TO  ESTABLISH A STAKEHOLDER COUNCIL AS PROVIDED IN SECTION SEVEN-
TEEN HUNDRED EIGHT OF THIS TITLE;
  (E) TO APPROVE CHANGES TO THE GENERAL  PROJECT  PLAN  IN  CONSULTATION
WITH THE STAKEHOLDER COUNCIL;
  (F)  TO  OVERSEE  POLICIES  TO  MITIGATE  ENVIRONMENTAL IMPACTS OF THE
PROJECT AND COORDINATE THE IMPLEMENTATION OF  THESE  POLICIES  WITH  THE
RELEVANT CITY AND STATE AGENCIES;
  (G)  WHEN  NECESSARY,  TO DEVELOP ADDITIONAL POLICY TO MITIGATE ANTIC-
IPATED ENVIRONMENTAL IMPACTS OF THE PROJECT;
  (H) TO ADOPT RULES OF PROCEDURE FOR CONSULTATION WITH THE  STAKEHOLDER
COUNCIL, ESTABLISHED PURSUANT TO SECTION SEVENTEEN HUNDRED EIGHT OF THIS
TITLE;
  (I)  TO PROVIDE FOR THE HEALTH, SAFETY AND WELFARE OF THE PUBLIC USING
FACILITIES UNDER ITS JURISDICTION;
  (J) TO EXERCISE THE FOLLOWING GENERAL CORPORATE POWERS:
  (I) TO MAKE AND  ALTER  BY-LAWS  FOR  ITS  ORGANIZATION  AND  INTERNAL
MANAGEMENT;
  (II)  TO ADOPT, AMEND OR RESCIND SUCH RULES, REGULATIONS AND ORDERS AS
MAY BE NECESSARY OR CONVENIENT FOR THE PERFORMANCE OR  EXERCISE  OF  THE
FUNCTIONS,  POWERS  AND  DUTIES  OF  THE  TRUST  IN  ACCORDANCE WITH THE
PROVISIONS OF THIS TITLE;
  (III) TO ENTER INTO CONTRACTS, INCLUDING CUSTOMARY  TRADE  CREDITS  IN
THE  ORDINARY  COURSE  OF  BUSINESS,  WITH  ANY PERSON AND DO ALL THINGS
NECESSARY OR CONVENIENT TO CARRY OUT THE FUNCTIONS, POWERS AND DUTIES OF
THE TRUST;
  (IV) TO CONDUCT MEETINGS AND HEARINGS WITH RESPECT TO ANY MATTER UNDER
THE JURISDICTION AND CONTROL OF THE TRUST;
  (V) TO BRING OR DEFEND SUCH ACTIONS, SUITS OR PROCEEDINGS  AS  MAY  BE
NECESSARY  OR  PROPER TO PERFORM ANY OF THE POWERS, FUNCTIONS AND DUTIES
OF THE TRUST;
  (VI) TO EXERCISE AND PERFORM SUCH OTHER FUNCTIONS, POWERS  AND  DUTIES
AS  SHALL  HAVE BEEN OR MAY BE FROM TIME TO TIME CONFERRED OR IMPOSED BY
OR PURSUANT TO LAW;
  (VII) TO APPOINT SUCH OFFICERS AND EMPLOYEES AS IT MAY REQUIRE FOR THE
PERFORMANCE OF ITS DUTIES, AND TO FIX  AND  DETERMINE  THEIR  QUALIFICA-
TIONS,  DUTIES, AND COMPENSATION AND TO RETAIN OR EMPLOY SUCH PERSONS AS
LANDSCAPE ARCHITECTS,  ARCHITECTS,  HISTORIANS,  ECOLOGISTS,  EDUCATORS,
ENGINEERS,  COUNSEL,  AUDITORS,  AND  PRIVATE  CONSULTANTS ON A CONTRACT
BASIS OR OTHERWISE TO RENDER  PROFESSIONAL  OR  TECHNICAL  SERVICES  AND
ADVICE;
  (VIII)  TO  SUBMIT  LEGAL MATTERS TO THE ATTORNEY GENERAL OF THE STATE
WHO MAY FURNISH ANY NECESSARY LEGAL  SERVICES  AND  ADVICE  REQUIRED  TO
ASSIST THE TRUST IN ACCOMPLISHING ITS CORPORATE PURPOSES;
  (IX)  TO  DESIGNATE  THE  DEPOSITORIES  OF  ITS  MONEY AND THE PERSONS
AUTHORIZED TO SIGN CHECKS AND OTHER SUCH INSTRUMENTS ON ITS BEHALF;
  (X) TO ESTABLISH AND RE-ESTABLISH ITS FISCAL YEAR; AND
  (XI) TO PREPARE AND APPROVE AN ANNUAL BUDGET FOR ITS OPERATIONS.

A. 9752                             5

  (K) TO PROVIDE FOR MEANINGFUL PUBLIC NOTICE, PARTICIPATION,  CONSULTA-
TION  AND  REVIEW  IN  THE  PLANNING,  DEVELOPMENT  AND OPERATION OF THE
PROJECT, WHICH SHALL INCLUDE, BUT NOT LIMITED TO:
  (I)  CONSULTATION  WITH  THE STAKEHOLDER COUNCIL AND ELECTED OFFICIALS
REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT; AND
  (II) TIMELY AND REASONABLE NOTIFICATION TO APPROPRIATE NEWS  MEDIA  OF
EACH  MEETING OF THE TRUST AND ANY PUBLIC HEARINGS REGARDING SIGNIFICANT
PLANS OR PROPOSED ACTIONS WITH RESPECT TO THE PROJECT;
  (L) TO DEVELOP AND OVERSEE AN ANNUAL FINANCING PLAN THAT WILL  COMBINE
CONTRIBUTIONS  FROM  THE STATE, THE CITY OF NEW YORK AND PRIVATE SOURCES
FOR THE PLANNING AND DEVELOPMENT OF THE PROJECT; AND
  (M) TO LEND OR DONATE MONIES, WHETHER SECURED  OR  UNSECURED,  TO  ANY
SUBSIDIARY  CORPORATION,  AND  TO  PURCHASE,  SELL OR PLEDGE THE SHARES,
BONDS OR OTHER OBLIGATIONS OR SECURITIES  THEREOF,  ON  SUCH  TERMS  AND
CONDITIONS AS THE CORPORATION MAY DEEM ADVISABLE.
  2.  THE  TRUST  SHALL BE SUBJECT TO ARTICLE EIGHT OF THE ENVIRONMENTAL
CONSERVATION LAW. THE GENERAL PROJECT PLAN ADOPTED PRIOR TO  THE  COMING
INTO  EXISTENCE  OF  THE TRUST SHALL CONSTITUTE THE GENERAL PROJECT PLAN
FOR THE PROJECT. HOWEVER, SHOULD THE TRUST DECIDE TO AMEND  THE  GENERAL
PROJECT  PLAN, THEN THE TRUST SHALL CONTINUE THE PREPARATION OF AN ENVI-
RONMENTAL IMPACT STATEMENT IN ACCORDANCE WITH THE ONGOING STATE ENVIRON-
MENTAL QUALITY REVIEW PROCESSES BEGUN BY ITS PREDECESSORS AND SHALL  ACT
AS  LEAD  AGENCY IN CONNECTION THEREWITH IN ORDER THAT THERE SHALL BE NO
INTERRUPTION OR IMPEDIMENT TO THAT PROCESS AS A RESULT  OF  THIS  TITLE.
SUCH USE BY THE TRUST OF THE ENVIRONMENTAL IMPACT STATEMENT BEGUN BY THE
NEW YORK STATE URBAN DEVELOPMENT CORPORATION SHALL NOT BE DEEMED ILLEGAL
OR  AN  OBJECTION  UNDER ARTICLE EIGHT OF THE ENVIRONMENTAL CONSERVATION
LAW. UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, ANY REFERENCE TO THE
URBAN DEVELOPMENT CORPORATION DOING BUSINESS AS THE EMPIRE STATE  DEVEL-
OPMENT  CORPORATION  IN  THE FINAL ENVIRONMENTAL IMPACT STATEMENT OR ANY
OTHER DOCUMENT THAT IS PART OF THE PROCESS OF  DEVELOPING  OR  APPROVING
THE  GENERAL  PROJECT PLAN, OR IN THE GENERAL PROJECT PLAN ITSELF, SHALL
BE DEEMED TO REFER TO AND MAY BE AMENDED TO REFER TO THE ATLANTIC  YARDS
DEVELOPMENT  TRUST,  AND SUCH REFERRAL AND AMENDMENT SHALL NOT BE DEEMED
ILLEGAL OR AN OBJECTION UNDER ARTICLE EIGHT OF THE ENVIRONMENTAL CONSER-
VATION LAW. THE PLAN RESULTING FROM SUCH  ENVIRONMENTAL  REVIEW  PROCESS
SHALL  BE  CONSISTENT  WITH  THIS  TITLE  AND SHALL BE THE BASIS FOR THE
DESIGN AND DEVELOPMENT OF THE  PROJECT  AND  BE  KNOWN  AS  THE  GENERAL
PROJECT PLAN.
  3.  (A) THE TRUST SHALL RECEIVE AND HAVE EXCLUSIVE TITLE TO ALL RENTS,
FEES, AND OTHER REVENUES REQUIRED TO BE TRANSFERRED TO  IT  UNDER  PARA-
GRAPH  (B)  OF  THIS  SUBDIVISION AND ALSO TO ALL RENTS, FEES, AND OTHER
REVENUES PAID OR TO BE PAID TO IT  PURSUANT  TO  ANY  LEASE,  CONCESSION
ARRANGEMENT,  LICENSE  OR  OTHER  AGREEMENT  RELATING TO ANY PART OF THE
PROJECT, MADE BY IT OR ANY PREDECESSOR, AND ALL  SUCH  MONIES  SHALL  BE
USED  SOLELY  FOR CONSTRUCTING, IMPROVING, OPERATING AND MAINTAINING THE
PROJECT.
  (B) ALL NET REVENUES PAID TO THE STATE OF NEW YORK OR  ANY  INSTRUMEN-
TALITY  THEREOF,  THE  NEW YORK STATE URBAN DEVELOPMENT CORPORATION, THE
CITY OF NEW YORK OR ANY INSTRUMENTALITY THEREOF, PURSUANT TO ANY  LEASE,
CONCESSION AGREEMENT, LICENSE OR OTHER AGREEMENT RELATING TO ANY PART OF
THE  PROJECT,  AND  ANY  SUCH  REVENUES  HEREAFTER  PAID  TO  AND IN THE
POSSESSION OF ANY OF THOSE ENTITIES.
  4. THE ACCOUNTS, RECORDS,  AND  PERFORMANCE  OF  THE  TRUST  SHALL  BE
SUBJECT TO ANNUAL AUDIT BY THE COMPTROLLERS OF THE STATE AND CITY OF NEW

A. 9752                             6

YORK,  IN  ACCORDANCE  WITH THE PROCEDURAL REQUIREMENTS GOVERNING AUDITS
UNDER THE LAWS OF SUCH JURISDICTIONS.
  5.  THE  TRUST MAY ESTABLISH AND FINANCE STAFF OR CONSULTANT POSITIONS
TO SERVE AS LIAISONS TO THE TRUST FOR THE STAKEHOLDER COUNCIL.
  6. IN THE CASE  OF  ANY  PROPOSED  SIGNIFICANT  ACTION  AFFECTING  THE
PROJECT OR THE NEIGHBORING COMMUNITY, INCLUDING THE ADOPTION OF, AND ANY
AMENDMENT TO, THE GENERAL PROJECT PLAN OR THE ANNUAL FINANCING PLAN, THE
TRUST SHALL:
  (A) HOLD A PUBLIC HEARING ON NOT LESS THAN THIRTY DAYS' ADVANCE PUBLIC
NOTICE;
  (B)  SOLICIT AND CONSIDER THE VIEWS OF THE COMMUNITY STAKEHOLDER COUN-
CIL, THE PLANNING COMMISSION OF THE CITY OF NEW YORK, ELECTED  OFFICIALS
REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT, ALLOWING NOT LESS THAN
SIXTY  DAYS  FOLLOWING  THE  NOTICE  OF  THE  PROPOSED  ACTION  FOR  THE
SUBMISSION OF SUCH VIEWS;
  (C) PUBLISH NOTICE OF THE HEARING AND  PROPOSED  ACTION  IN  THE  CITY
RECORD AND STATE REGISTER;
  (D) MEET WITH REPRESENTATIVES OF THE STAKEHOLDER COUNCIL NOT LESS THAN
TWENTY DAYS FOLLOWING THE END OF THE PUBLIC COMMENT PERIOD; AND
  (E)  PREPARE A FINDINGS STATEMENT SUMMARIZING PUBLIC COMMENT AND VIEWS
OF STAKEHOLDER COUNCIL AND OUTLINE HOW  THE  PROPOSED  ACTION  ADDRESSES
IDENTIFIED CONCERNS.
  7.  NO  LATER THAN FEBRUARY FIRST OF EACH YEAR FOLLOWING THE EFFECTIVE
DATE OF THIS TITLE AND WITHIN SIXTY DAYS AFTER THE LATER OF  THE  EFFEC-
TIVE  DATE  OF THIS TITLE OR THE ADOPTION OF THE GENERAL PROJECT PLAN OR
ANY AMENDMENT, THE TRUST SHALL DELIVER TO THE GOVERNOR, THE  SPEAKER  OF
THE  ASSEMBLY,  THE  TEMPORARY  PRESIDENT OF THE SENATE, THE STATE COMP-
TROLLER, THE MAYOR OF THE CITY OF NEW YORK,  THE  SPEAKER  OF  THE  CITY
COUNCIL OF THE CITY OF NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK
AND  THE  CHAIRS  OF  COMMUNITY  BOARDS  TWO,  SIX, AND EIGHT WITHIN THE
BOROUGH OF BROOKLYN, A CURRENT COPY OF THE ANNUAL FINANCING PLAN AND ANY
AMENDMENTS TO THE GENERAL PROJECT PLAN FOR THE  PROJECT  AND  THE  TRUST
SHALL,  WITHIN  THE  SAME TIME, MAKE SUCH PLAN AND A CURRENT COPY OF ITS
REGULATIONS AVAILABLE FOR PUBLIC INSPECTION DURING BUSINESS HOURS AT THE
OFFICES OF THE TRUST WITHIN THE CITY OF NEW YORK.
  8. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY  THE  ATLANTIC
YARDS  DEVELOPMENT  TRUST  SHALL  ESTABLISH  THE ATLANTIC YARDS PURPOSES
ACCOUNT AND OTHER SUB-ACCOUNTS WHICH MAY BE NECESSARY OR CONVENIENT  FOR
THE  AUTHORIZED  PURPOSES  OF THE TRUST WITHIN THE TREASURY OF THE TRUST
WHICH SHALL REFLECT AND CONSIST OF ALL FUNDS MADE AVAILABLE TO THE TRUST
AT ANY TIME, FROM ANY SOURCES, FOR ITS AUTHORIZED PURPOSES. SUCH ACCOUNT
AND SUB-ACCOUNTS SHALL BE INCLUDED IN DETAILED QUARTERLY REPORTS OF  THE
TRUST  COMMENCING  WITH  THE QUARTERLY REPORT FOR THE PERIOD IMMEDIATELY
PRECEDING JANUARY FIRST, TWO  THOUSAND  FIFTEEN,  WHICH  SET  FORTH  THE
STATUS  OF  THE  ACCOUNT AND SUB-ACCOUNTS, THE AMOUNT IN SUCH ACCOUNT AT
THE BEGINNING OF SUCH QUARTER (FROM AND INCLUDING THE ENTIRE PERIOD  FOR
THE  FIRST  DAY  OF  THE  OPERATIVE CALENDAR YEAR), THE PAYMENTS OF SUCH
ACCOUNT, AND THE AMOUNT IN SUCH ACCOUNT AT THE CLOSE OF SUCH QUARTER (TO
AND INCLUDING THE ENTIRE PERIOD OF THE LAST DAY OF THE OPERATIVE  CALEN-
DAR  YEAR).    SUCH  DETAILED  QUARTERLY  REPORTS  SHALL BE PREPARED AND
SUBMITTED WITHIN THIRTY DAYS OF THE CLOSE OF THE FISCAL QUARTER  OF  THE
TRUST, TO THE GOVERNOR, THE SPEAKER OF THE ASSEMBLY, THE TEMPORARY PRES-
IDENT  OF  THE  SENATE,  THE  STATE COMPTROLLER, THE CHAIR OF THE SENATE
FINANCE COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS AND  MEANS  COMMITTEE,
THE  MAYOR  OF  THE CITY OF NEW YORK, THE SPEAKER OF THE CITY COUNCIL OF
THE CITY OF NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK,  AND  THE

A. 9752                             7

CHAIRS  OF  COMMUNITY  BOARDS  TWO,  SIX AND EIGHT WITHIN THE BOROUGH OF
BROOKLYN.
  S  1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. ALL MONEYS OF
THE TRUST FROM WHATEVER SOURCE DERIVED SHALL BE PAID TO THE TREASURER OF
THE TRUST AND SHALL BE DEPOSITED FORTHWITH IN ONE OR MORE BANKS OR TRUST
COMPANIES IN THE STATE, AS DESIGNATED BY THE TRUST. THE MONEYS  IN  SUCH
ACCOUNTS  SHALL  BE PAID OUT BY THE TREASURER OF THE TRUST UPON REQUISI-
TION BY THE CHAIRPERSON OF THE BOARD OR OF SUCH OFFICER OR  OFFICERS  AS
THE  BOARD MAY AUTHORIZE. ANY MONEYS OF THE TRUST NOT REQUIRED FOR IMME-
DIATE USE OR DISBURSEMENT MAY,  AT  THE  DISCRETION  OF  THE  TRUST,  BE
INVESTED   IN   THOSE   OBLIGATIONS   SPECIFIED   PURSUANT   TO  SECTION
NINETY-EIGHT-A OF THE STATE FINANCE LAW.
  S 1705. OTHER STATE LAWS AND AGENCIES. 1. THE TRUST SHALL  BE  SUBJECT
TO ARTICLES SIX AND SEVEN OF THE PUBLIC OFFICERS LAW.
  2.  WHENEVER  IN  THE  OPINION  OF THE TRUST IT WOULD BE IN THE PUBLIC
INTEREST, IT MAY, AFTER APPROVAL OF THE DIRECTOR OF THE  BUDGET  OR  THE
DIRECTOR  OF THE OFFICE OF MANAGEMENT AND BUDGET OF THE CITY OF NEW YORK
AS THE CASE MAY BE, REQUEST THE TEMPORARY  ASSIGNMENT  AND  TRANSFER  OF
CERTAIN  EMPLOYEES OF ANY BOARD, COMMISSION, AGENCY OR DEPARTMENT OF THE
STATE OR THE CITY OF NEW YORK, AND SUCH  BOARD,  COMMISSION,  AGENCY  OR
DEPARTMENT,  IF  IN THE OPINION OF THE TRANSFERRING AGENCY SUCH TRANSFER
WILL NOT INTERFERE WITH THE PERFORMANCE OF ITS DUTIES AND FUNCTIONS, MAY
MAKE SUCH ASSIGNMENT AND TRANSFER OR EXTENSION THEREOF WHICH  SHALL  NOT
IN  ANY  WAY  AFFECT  THE  CIVIL  SERVICE STATUS, CONTINUITY OF SERVICE,
RETIREMENT PLAN STATUS, RIGHT TO COMPENSATION, GRADE OR COMPENSATION  OR
THE RIGHTS OR PRIVILEGES OF ANY EMPLOYEE SO TRANSFERRED.
  3.  FOR PURPOSES OF SECTIONS TWO HUNDRED TWENTY AND TWO HUNDRED THIRTY
OF THE LABOR LAW, THE COMMISSIONER OF LABOR AND THE COMPTROLLER  OF  THE
CITY OF NEW YORK SHALL BOTH BE DEEMED THE FISCAL OFFICER FOR THE TRUST.
  4. THE TRUST SHALL BE SUBJECT TO ARTICLE NINE OF THIS CHAPTER, AND ITS
CONTRACTS  SHALL  BE  SUBJECT  TO SECTION ONE HUNDRED THIRTY-FIVE OF THE
STATE FINANCE LAW AND THE PROVISIONS OF STATE LAW PERTAINING TO PREVAIL-
ING WAGES, LABOR STANDARDS AND WORKING HOURS. THE TRUST SHALL BE  DEEMED
A  "STATE AGENCY" FOR PURPOSES OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW
AND ITS CONTRACTS FOR PROCUREMENT, DESIGN,  CONSTRUCTION,  SERVICES  AND
MATERIALS  SHALL  BE  DEEMED  STATE CONTRACTS WITHIN THE MEANING OF THAT
TERM AS SET FORTH IN SUCH ARTICLE FIFTEEN-A.
  S 1706. NOTICE OF TORT. IN AN ACTION AGAINST THE  TRUST  FOUNDED  UPON
TORT:
  1. A NOTICE OF CLAIM SHALL BE REQUIRED AS A CONDITION PRECEDENT TO THE
COMMENCEMENT OF AN ACTION OR SPECIAL PROCEEDING AGAINST THE TRUST OR ANY
OFFICER,  APPOINTEE  OR  EMPLOYEE THEREOF, AND THE PROVISIONS OF SECTION
FIFTY-E OF THE GENERAL MUNICIPAL LAW SHALL GOVERN  THE  GIVING  OF  SUCH
NOTICE; AND
  2. THE COMPLAINT SHALL CONTAIN AN ALLEGATION THAT AT LEAST THIRTY DAYS
HAVE  ELAPSED SINCE THE DEMAND, CLAIM OR CLAIMS UPON WHICH THE ACTION IS
FOUNDED WERE PRESENTED TO A MEMBER OF THE TRUST'S BOARD OF DIRECTORS AND
TO THE TRUST'S SECRETARY AND THAT THE TRUST HAS NEGLECTED OR REFUSED  TO
MAKE  AN  ADJUSTMENT  OR  PAYMENT  THEREOF  FOR  THIRTY  DAYS AFTER SUCH
PRESENTMENT.
  NO SUCH ACTION SHALL BE COMMENCED MORE THAN ONE YEAR AFTER  THE  CAUSE
OF  ACTION  THEREFOR  SHALL  HAVE  ACCRUED, EXCEPT AN ACTION AGAINST THE
TRUST FOR WRONGFUL DEATH WHICH  IS  COMMENCED  IN  ACCORDANCE  WITH  THE
NOTICE  OF CLAIM AND TIME LIMITATION PROVISIONS OF TITLE ELEVEN OF ARTI-
CLE NINE OF THIS CHAPTER.

A. 9752                             8

  S 1707. TAX EXEMPTIONS. IT IS HEREBY DETERMINED THAT THE  CREATION  OF
THE  TRUST  AND  THE  CARRYING  OUT  OF ITS CORPORATE PURPOSES IS IN ALL
RESPECTS FOR THE BENEFIT OF THE PEOPLE OF THE  STATE  AND  IS  A  PUBLIC
PURPOSE,  AND  THE  TRUST SHALL BE REGARDED AS PERFORMING A GOVERNMENTAL
FUNCTION  IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE.
IN FURTHERANCE OF THE SAME AND NOTWITHSTANDING ANY  OTHER  PROVISION  OF
ANY OTHER LAW TO THE CONTRARY:
  1. THE INCOME, MONEYS, OPERATIONS AND PROPERTIES OF THE TRUST SHALL BE
EXEMPT FROM TAXATION, INCLUDING WITHOUT LIMITATION ANY AND ALL STATE AND
LOCAL  INCOME,  FRANCHISE,  TRANSFER, RECORDING, REAL PROPERTY AND SALES
TAXATION AND ANY ASSESSMENTS OF PAYMENTS IN LIEU OF TAXES.
  2. ANY REAL PROPERTY TAXES OR PAYMENTS IN LIEU OF TAXES PAYABLE BY ANY
ENTERPRISE OPERATING WITHIN THE PROJECT TO THE CITY OF NEW YORK SHALL BE
PAID TO THE TRUST FOLLOWING THE COMING INTO EXISTENCE OF THE  TRUST  AND
THE  CITY  OF  NEW  YORK SHALL PROMPTLY REMIT ANY SUCH PAYMENTS RECEIVED
AFTER SUCH TIME TO THE TRUST. ALL  CONTRIBUTIONS  OF  PERSONAL  PROPERTY
MADE  TO  THE  TRUST WHETHER BY GIFT, DEVISE OR BEQUEST SHALL QUALIFY AS
DEDUCTIONS IN COMPUTING THE NET TAXABLE INCOME  OF  THE  DONOR  FOR  THE
PURPOSES  OF ANY INCOME TAX IMPOSED BY THE STATE OR ANY POLITICAL SUBDI-
VISION THEREOF.
  S 1708. STAKEHOLDER COUNCIL. 1. THERE IS HEREBY CREATED THE  "ATLANTIC
YARDS STAKEHOLDER COUNCIL". ALL MEMBERS OF THE STAKEHOLDER COUNCIL SHALL
RESIDE IN THE BOROUGH OF BROOKLYN, AND SHALL BE REPRESENTATIVES OF LOCAL
COMMUNITY, PARK, ENVIRONMENTAL, CIVIC, LABOR AND BUSINESS ORGANIZATIONS.
  2.  UPON  THE  COMING INTO EXISTENCE OF THE ATLANTIC YARDS DEVELOPMENT
TRUST, MEMBERS OF THE STAKEHOLDER COUNCIL  SHALL  BE  APPOINTED  IN  THE
FOLLOWING MANNER:
  (A)  TWO  MEMBERS  SHALL  BE  APPOINTED  BY EACH OF THE MEMBERS OF THE
ASSEMBLY REPRESENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS
LOCATED;  TWO MEMBERS SHALL BE APPOINTED BY EACH OF THE SENATORS REPRES-
ENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS  LOCATED;  TWO
MEMBERS  SHALL  BE APPOINTED BY THE CITY COUNCIL MEMBER REPRESENTING THE
DISTRICTS IN WHICH THE PROJECT IS LOCATED;  ONE  MEMBER  EACH  SHALL  BE
APPOINTED  BY BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT RESPECTIVELY;
AND TWO MEMBERS SHALL BE APPOINTED BY THE  BROOKLYN  BOROUGH  PRESIDENT.
EACH  OF  THE STAKEHOLDER COUNCIL MEMBERS SHALL SERVE AT THE PLEASURE OF
THE APPOINTING OFFICIAL OR BODY AND SHALL SERVE FOR A TERM OF TWO YEARS.
  (B) ALL ELECTED OFFICIALS REPRESENTING DISTRICTS BORDERING OR CONTAIN-
ING THE PROJECT SHALL SERVE ON THE STAKEHOLDER COUNCIL ON  AN  "EX-OFFI-
CIO" BASIS.
  3. THE STAKEHOLDER COUNCIL SHALL MAKE AND ALTER BY-LAWS FOR ITS ORGAN-
IZATION AND INTERNAL MANAGEMENT.
  4.  THE  STAKEHOLDER  COUNCIL  MEMBERS  SHALL ELECT A CHAIR BASED ON A
MAJORITY VOTE.
  5. THE STAKEHOLDER COUNCIL MAY HOLD PUBLIC MEETINGS AND MAY ADVISE AND
MAKE RECOMMENDATIONS TO THE BOARD OF  DIRECTORS  OF  THE  TRUST  ON  ALL
MATTERS  REGARDING  THE  PLANNING, DESIGN, CONSTRUCTION AND OPERATION OF
THE PROJECT.
  6. THE STAKEHOLDER COUNCIL SHALL APPOINT  ONE  REPRESENTATIVE  TO  THE
TRUST.
  7.  THE  TRUST  SHALL  PROVIDE THE STAKEHOLDER COUNCIL WITH SUCH STAFF
SUPPORT AS THE TRUST DETERMINES IS REQUIRED FOR THE PERFORMANCE  OF  THE
STAKEHOLDER COUNCIL'S DUTIES.
  8.  MEMBERS  OF  THE  STAKEHOLDER  COUNCIL SHALL SERVE WITHOUT COMPEN-
SATION.

A. 9752                             9

  S 4. Severability. If any clause,  sentence,  paragraph,  subdivision,
section,  part  or  title  of  this  act shall be adjudged by a court of
competent jurisdiction to be invalid, such judgment  shall  not  affect,
impair or invalidate the remainder thereof, but shall be confined in its
operation to the clause, sentence, paragraph, subdivision, section, part
or  title of this act directly involved in the controversy in which such
judgment shall have been rendered.
  S 5. This act shall take effect immediately.