S3925-2011 Actions

• Jan 9, 2012: RECOMMIT, ENACTING CLAUSE STRICKEN
• Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT
• Mar 10, 2011: REFERRED TO LOCAL GOVERNMENT

S3925-2011 Memo

BILL NUMBER:S3925

TITLE OF BILL:
An act
to amend the general municipal law, in relation to the Schuyler county
industrial development agency's financing of automobile racing
facilities

PURPOSE:
To allow Schuyler County Industrial Development Agency to
finance automobile racing facilities.

SUMMARY OF PROVISIONS:
Section 1 of the bill amends Section 854 of the
general municipal law by adding a new subdivision 20 defining
"automobile racing facility" as any closed-course motor sports
complex and its ancillary grounds that holds automobile racing
exhibition.

Section 2 of the bill designates the opening paragraph of section
892-a of the general municipal law as subdivision 1 to give Schuyler
County IDA the power to acquire, construct, own, maintain, and lease
or sell to an automobile racing facility or private business
corporation any interest in an automobile racing facility operated
wholly or within Schulyer County, together with all buildings,
structures, machinery, equipment, facilities, and appurtenances
thereto which the agency may deem necessary, useful or desirable in
connection with the construction, improvement or operation of any
such facility, including overnight accommodations and other
facilities. It also adds a new subdivision 2 to allow Schuyler County
IDA to finance such facilities through the issuance of its bonds and
notes, by having the ability for such facilities to promote, develop,
encourage, and assist in the acquiring, constructing, reconstructing,
improving, maintaining, equipping of such facilities and encourage
tourism while also advancing job opportunities, health, general
prosperity and economic welfare of the people of New York and improve
their prosperity and standard of living.

Section 3 of the bill provides that the bill should take effect
immediately.

JUSTIFICATION:
Currently, General Municipal Law does not allow
Automobile Racing Facilities to be eligible for financing through the
Schuyler County Industrial Development Agency. While Industrial
Development Agencies in New York State are created to promote the
economic welfare, recreation opportunities and prosperity of the
inhabitants of a municipality or county, it is the IDA's function to
actively attract and encourage development in the area in question.
By allowing Schuyler County IDA to finance automobile racing
facilities, this legislation would greatly enhance tourism in the
area, foster economic growth, and support job creating which would
greatly benefit New York State and its citizens during this time of
economic trial.

LEGISLATIVE HISTORY:


S.7179, A.10339

FISCAL IMPLICATION:
None to the state.

EFFECTIVE DATE:
Immediately.

S3925-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 S. 3925                                                  A. 6227
 2011-2012 Regular Sessions
 SENATE - ASSEMBLY
 March 10, 2011
 
 IN  SENATE -- Introduced by Sen. O'MARA -- read twice and ordered print
 ed, and when printed to be committed to the Committee on Local Govern
 ment
 IN ASSEMBLY -- Introduced by M. of A. FRIEND -- read once  and  referred
 to the Committee on Local Governments
 AN  ACT  to amend the general municipal law, in relation to the Schuyler
 county industrial development agency's financing of automobile  racing
 facilities
 

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

 

Section 1.

Section 854 of the general  municipal  law  is  amended  by
 adding a new subdivision 20 to read as follows:

 (20) "AUTOMOBILE RACING FACILITY" SHALL MEAN ANY CLOSED-COURSE MOTORS
 PORTS  COMPLEX  AND  ITS  ANCILLARY GROUNDS THAT HOLDS AUTOMOBILE RACING
 EXHIBITIONS.
 

S 2. The opening paragraph of section 892-a of the  general  municipal
 law is designated subdivision 1 and a new subdivision 2 is added to read
 as follows:

 2.  IN ADDITION TO THE POWERS AND DUTIES NOW OR HEREAFTER CONFERRED BY
 TITLE ONE OF ARTICLE EIGHTEEN-A OF THIS CHAPTER, THE AGENCY  SHALL  HAVE
 THE POWER (I) TO ACQUIRE, CONSTRUCT, OWN, MAINTAIN, AND LEASE OR SELL TO
 AN AUTOMOBILE RACING FACILITY OR PRIVATE BUSINESS CORPORATION ANY INTER
 EST  IN AN AUTOMOBILE RACING FACILITY OPERATED WHOLLY OR WITHIN SCHUYLER
 COUNTY, TOGETHER WITH ALL BUILDINGS, STRUCTURES,  MACHINERY,  EQUIPMENT,
 FACILITIES  AND  APPURTENANCES  THERETO WHICH THE AGENCY MAY DEEM NECES
 SARY, USEFUL OR DESIRABLE IN CONNECTION WITH THE CONSTRUCTION,  IMPROVE
 MENT  OR  OPERATION  OF  ANY SUCH FACILITY, INCLUDING OVERNIGHT ACCOMMO
 DATIONS AND OTHER FACILITIES INCIDENTAL THERETO AND,
 (II) TO FINANCE SUCH FACILITIES THROUGH THE ISSUANCE OF ITS BONDS  AND
 NOTES, WHEN IN THE JUDGMENT OF THE AGENCY, SUCH FACILITIES WILL SERVE TO
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09716-01-1
 
       S. 3925                             2                            A. 6227
 PROMOTE,  DEVELOP,  ENCOURAGE AND ASSIST IN THE ACQUIRING, CONSTRUCTING,
 RECONSTRUCTING, IMPROVING, MAINTAINING, EQUIPPING OF SUCH FACILITIES AND
 ENCOURAGE TOURISM  AND  THEREBY  ADVANCING  JOB  OPPORTUNITIES,  HEALTH,
 GENERAL  PROSPERITY  AND ECONOMIC WELFARE OF THE PEOPLE OF THE STATE AND
 IMPROVE THEIR PROSPERITY AND STANDARD OF LIVING.
 

S 3. This act shall take effect immediately.

*By contributing or voting you agree to the Terms of Participation and Privacy Policy and verify you are over 13.

Discuss!