S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1307
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 5, 2011
                                      ___________
       Introduced  by  M.  of  A.  JEFFRIES,  BRENNAN, MILLMAN -- 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:
    1    Section 1. Legislative findings and  intent.  The  legislature  hereby
    2  finds, determines and declares the following:
    3    1.  The  planning  and  development of the Atlantic Yards project is a
    4  matter of state concern and in the interest of the people of the  state.
    5  It  may  include  both  market  rate  and below market housing, new open
    6  space, commercial and retail development and  a  sports  arena  for  New
    7  Yorkers,  as  well as alleviate unsatisfactory conditions of the current
    8  site.
    9    2. It is in the public interest for the state and city of New York  to
   10  act  together  to  oversee the development of the Atlantic Yards project
   11  and to ensure the public is fully engaged and involved  in  the  design,
   12  development,  and  operation  of the project, and in the development and
   13  implementation of policies to mitigate the project's  anticipated  envi-
   14  ronmental impacts.
   15    3.    It is intended that the Atlantic Yards development trust, to the
   16  extent provided and subject to the limitations set forth  in  this  act,
   17  replace the New York state urban development corporation with respect to
   18  its  authority  over the project, for among other things, the completion
   19  of the development process and the construction, operation  and  mainte-
   20  nance of the project, all in accordance with this act.
   21    4. The legislature finds that this act is in the public interest, is a
   22  matter  of state concern, and is necessary to accomplish these important
   23  public purposes. The legislature intends that  this  act  shall  operate
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04630-01-1
       A. 1307                             2
    1  exclusively  for  purposes  relating  to the promotion of the health and
    2  social welfare of the people of the state.
    3    S  2.  Short  title.  This  act shall be known and may be cited as the
    4  "Atlantic Yards governance act".
    5    S 3. Article 8 of the public authorities law is amended  by  adding  a
    6  new title 5 to read as follows:
    7                                    TITLE 5
    8                        ATLANTIC YARDS GOVERNANCE ACT
    9  SECTION 1700. DEFINITIONS.
   10          1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
   11          1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
   12          1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
   13          1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST.
   14          1705. OTHER STATE LAWS AND AGENCIES.
   15          1706. NOTICE OF TORT.
   16          1707. TAX EXEMPTIONS.
   17          1708. STAKEHOLDER COUNCIL.
   18    S  1700. DEFINITIONS. AS USED IN THIS TITLE, THE FOLLOWING TERMS SHALL
   19  HAVE THE FOLLOWING MEANINGS, UNLESS THE CONTEXT CLEARLY REQUIRES  OTHER-
   20  WISE:
   21    1. "BOARD" MEANS THE BOARD OF DIRECTORS OF THE ATLANTIC YARDS DEVELOP-
   22  MENT TRUST.
   23    2.  "GENERAL PROJECT PLAN" MEANS THE "ATLANTIC YARDS LAND USE IMPROVE-
   24  MENT AND CIVIC PROJECT GENERAL PROJECT PLAN" DATED JULY EIGHTEENTH,  TWO
   25  THOUSAND  SIX,  AND  ANY SUCCESSOR PLAN OR STATEMENT OF FINDINGS CREATED
   26  THEREAFTER CONSISTENT WITH THE STATE ENVIRONMENTAL QUALITY  REVIEW  ACT;
   27  PROVIDED  THAT  THE  GENERAL  PROJECT PLAN SHALL BE CONSISTENT WITH THIS
   28  TITLE.
   29    3. "ATLANTIC YARDS" OR "THE PROJECT" MEANS THE AREA IN THE CITY OF NEW
   30  YORK AND COUNTY OF KINGS ROUGHLY BOUNDED BY FLATBUSH AND FOURTH  AVENUES
   31  TO  THE  WEST,  VANDERBILT  AVENUE  TO  THE EAST, ATLANTIC AVENUE TO THE
   32  NORTH, AND DEAN AND PACIFIC STREETS  TO  THE  SOUTH  AND  INCLUDING  THE
   33  APPROXIMATELY  NINE-ACRE  BELOW-GRADE  LONG  ISLAND RAIL ROAD VANDERBILT
   34  STORAGE YARD AND METROPOLITAN TRANSPORTATION AUTHORITY STORAGE YARD  FOR
   35  INACTIVE NEW YORK CITY TRANSIT AUTHORITY BUSES.
   36    4.  "ATLANTIC  YARDS  DEVELOPMENT  TRUST"  OR "TRUST" MEANS THE PUBLIC
   37  BENEFIT CORPORATION ESTABLISHED PURSUANT TO  SECTION  SEVENTEEN  HUNDRED
   38  ONE OF THIS TITLE.
   39    S 1701. CREATION OF THE ATLANTIC YARDS DEVELOPMENT TRUST.  1. THERE IS
   40  HEREBY  CREATED  THE  ATLANTIC  YARDS DEVELOPMENT TRUST WHICH SHALL BE A
   41  BODY CORPORATE AND POLITIC, CONSTITUTING A PUBLIC  BENEFIT  CORPORATION.
   42  THE TRUST SHALL COME INTO EXISTENCE UPON THE THIRTIETH DAY FOLLOWING THE
   43  APPOINTMENT  OF  NOT  FEWER  THAN  EIGHT  MEMBERS OF ITS BOARD AS HEREIN
   44  PROVIDED, AND THE TRUST AND ITS CORPORATE EXISTENCE SHALL CONTINUE UNTIL
   45  TERMINATED BY THE LEGISLATURE. THE TRUST SHALL HAVE THE RIGHTS,  POWERS,
   46  RESPONSIBILITIES  AND  DUTIES  SET  FORTH  IN THIS TITLE, SUBJECT TO THE
   47  LIMITATIONS SET FORTH HEREIN, AND IT SHALL REPLACE THE  NEW  YORK  STATE
   48  URBAN  DEVELOPMENT  CORPORATION,  IN  ITS  AUTHORITY  OVER THE PLANNING,
   49  DESIGN, CONSTRUCTION, OPERATION AND MAINTENANCE OF THE PROJECT. UPON THE
   50  COMING INTO EXISTENCE OF THE TRUST,  THE  TRUST  SHALL  SUCCEED  TO  ALL
   51  CONTRACTS,  LEASES,  LICENSES AND OTHER LEGAL OBLIGATIONS RESPECTING THE
   52  PROJECT TO WHICH ITS PREDECESSORS ARE PARTY AT OR  AFTER  THE  EFFECTIVE
   53  DATE OF THIS TITLE; PROVIDED THAT THE TRUST SHALL NOT ASSUME ANY DEBT OR
   54  FINANCIAL  OBLIGATION  TO ANY PUBLIC BENEFIT CORPORATION OR GOVERNMENTAL
   55  ENTITY.
       A. 1307                             3
    1    2. THE MEMBERS OF THE BOARD OF THE ATLANTIC  YARDS  DEVELOPMENT  TRUST
    2  BOARD  SHALL BE RESIDENTS OF THE CITY OF NEW YORK AND SHALL BE APPOINTED
    3  AS FOLLOWS:
    4    (A)  EIGHT  MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF
    5  THE GOVERNOR, AT LEAST ONE OF  WHOM  SHALL  BE  A  REPRESENTATIVE  OF  A
    6  NOT-FOR-PROFIT, NON-GOVERNMENTAL ENVIRONMENTAL OR CIVIC ORGANIZATION.
    7    (B)  TWO MEMBERS SHALL BE APPOINTED BY THE SPEAKER OF THE ASSEMBLY, IN
    8  CONSULTATION WITH  THE  MEMBER  OF  THE  ASSEMBLY  THAT  REPRESENTS  THE
    9  DISTRICT OR DISTRICTS IN WHICH THE PROJECT IS LOCATED.
   10    (C)  TWO  MEMBERS SHALL BE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
   11  SENATE, IN CONSULTATION WITH THE SENATOR THAT REPRESENTS THE DISTRICT OR
   12  DISTRICTS IN WHICH THE PROJECT IS LOCATED.
   13    (D) TWO MEMBERS SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF THE
   14  MAYOR OF THE CITY OF NEW YORK.
   15    (E) ONE MEMBER SHALL BE APPOINTED BY AND SERVE AT THE PLEASURE OF  THE
   16  BOROUGH  PRESIDENT OF THE BOROUGH OF BROOKLYN, APPOINTED IN CONSULTATION
   17  WITH BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT.
   18    (F) ONE NON-VOTING MEMBER SHALL BE APPOINTED BY THE STAKEHOLDER  COUN-
   19  CIL AS PROVIDED IN SECTION SEVENTEEN HUNDRED EIGHT OF THIS TITLE.
   20    (G)  EACH  APPOINTING  AUTHORITY,  WITH  THE EXCEPTION OF THE BROOKLYN
   21  BOROUGH PRESIDENT AND THE STAKEHOLDER COUNCIL, MAY APPOINT NO MORE  THAN
   22  HALF THEIR MEMBERS AS CITY OR STATE EMPLOYEES.
   23    3. EACH MEMBER SHALL SERVE A TWO YEAR TERM COMMENCING ON JANUARY FIRST
   24  IN  ODD  NUMBERED  YEARS.  TRUST  MEMBERS  SHALL BE ELIGIBLE TO BE REAP-
   25  POINTED.
   26    4. EACH MEMBER, EXCEPT FOR THE NON-VOTING MEMBER, OF THE  BOARD  SHALL
   27  BE  ENTITLED  TO  ONE  VOTE ON ALL MATTERS VOTED ON BY THE BOARD.  EIGHT
   28  MEMBERS SHALL CONSTITUTE A QUORUM. ALL ACTIONS AUTHORIZED BY A  VOTE  OF
   29  THE  BOARD  SHALL  REQUIRE  THE AFFIRMATIVE VOTE OF A QUORUM IN ORDER TO
   30  PASS. THE CHAIR SHALL BE DESIGNATED BY THE GOVERNOR AND SERVE  AS  CHAIR
   31  AT  THE PLEASURE OF THE GOVERNOR, AND THE VICE-CHAIR SHALL BE DESIGNATED
   32  BY THE MAYOR OF THE CITY OF NEW YORK AND SERVE AT THE  PLEASURE  OF  THE
   33  MAYOR.  DESIGNATION  AS  CHAIR  OR VICE-CHAIR SHALL BE FOR A TERM OF TWO
   34  YEARS.
   35    5. MEMBERS OF THE BOARD SHALL NOT BE COMPENSATED  FOR  THEIR  SERVICES
   36  BUT  MAY  BE REIMBURSED FOR THEIR NECESSARY AND ACTUAL EXPENSES INCURRED
   37  IN CONNECTION WITH THE PERFORMANCE OF THEIR DUTIES. THE BOARD MAY  DELE-
   38  GATE TO ONE OR MORE OF ITS MEMBERS OR TO ITS OFFICERS, AGENTS OR EMPLOY-
   39  EES SUCH POWERS AND DUTIES AS IT MAY DEEM PROPER.
   40    6.  IT  SHALL  NOT  BE  DEEMED  A CONFLICT OF INTEREST FOR A PERSON TO
   41  SIMULTANEOUSLY HOLD POSITIONS AS A MEMBER OF THE BOARD AND AS AN OFFICER
   42  OF THE TRUST. NO PUBLIC OFFICER OR EMPLOYEE SHALL FORFEIT OR  BE  DEEMED
   43  TO  HAVE FORFEITED SUCH PUBLIC OFFICE OR EMPLOYMENT BY ACCEPTING MEMBER-
   44  SHIP ON THE BOARD.
   45    S 1702. PURPOSES OF THE ATLANTIC YARDS DEVELOPMENT TRUST. THE TRUST IS
   46  HEREBY CREATED TO PERMIT THE  FOLLOWING  PURPOSES  TO  BE  FULFILLED  IN
   47  ACCORDANCE WITH THIS TITLE:
   48    1.  TO  PLAN,  DESIGN,  DEVELOP,  CONSTRUCT,  OPERATE AND MAINTAIN THE
   49  PROJECT;
   50    2. TO CREATE AFFORDABLE AND MARKET-RATE HOUSING, TO CREATE NEW  PUBLIC
   51  OPEN SPACE AND COMMERCIAL AND RETAIL DEVELOPMENT;
   52    3.  TO  ENSURE  THE PUBLIC IS FULLY INVOLVED AND ENGAGED IN THE GOVER-
   53  NANCE OF THE PROJECT;
   54    4. TO COOPERATE, AND TO COORDINATE MATTERS RELATING  TO  THE  PROJECT,
   55  WITH  THE FEDERAL GOVERNMENT, THE STATE AND THE CITY OF NEW YORK AS WELL
   56  AS WITH COMMUNITY, ENVIRONMENTAL, AND CIVIC GROUPS;
       A. 1307                             4
    1    5. TO ACCEPT APPROPRIATIONS, SUBSIDIES AND GRANTS FROM FEDERAL,  STATE
    2  AND LOCAL GOVERNMENTS; AND
    3    6.  TO  RECEIVE  RENTS,  PAYMENTS IN LIEU OF TAXES, AND OTHER REVENUES
    4  GENERATED WITHIN THE PROJECT, AND TO USE THE  SAME  SOLELY  TO  IMPROVE,
    5  OPERATE AND MAINTAIN THE PROJECT.
    6    S  1703. POWERS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. 1. TO FULFILL
    7  ITS PURPOSES UNDER THIS  TITLE,  THE  TRUST  SHALL  HAVE  THE  FOLLOWING
    8  POWERS,  FUNCTIONS,  DUTIES AND AUTHORITY SUBJECT TO THE LIMITATIONS SET
    9  FORTH IN THIS TITLE:
   10    (A) TO PLAN, DESIGN, DEVELOP, CONSTRUCT,  OPERATE,  AND  MAINTAIN  THE
   11  PROJECT;
   12    (B) TO IMPLEMENT THE GENERAL PROJECT PLAN FOR THE PROJECT;
   13    (C)  TO  OVERSEE  IMPLEMENTATION  OF  THE  DESIGN  GUIDELINES  FOR THE
   14  PROJECT;
   15    (D) TO ESTABLISH A STAKEHOLDER COUNCIL AS PROVIDED IN  SECTION  SEVEN-
   16  TEEN HUNDRED EIGHT OF THIS TITLE;
   17    (E)  TO  APPROVE  CHANGES  TO THE GENERAL PROJECT PLAN IN CONSULTATION
   18  WITH THE STAKEHOLDER COUNCIL;
   19    (F) TO OVERSEE POLICIES  TO  MITIGATE  ENVIRONMENTAL  IMPACTS  OF  THE
   20  PROJECT  AND  COORDINATE  THE  IMPLEMENTATION OF THESE POLICIES WITH THE
   21  RELEVANT CITY AND STATE AGENCIES;
   22    (G) WHEN NECESSARY, TO DEVELOP ADDITIONAL POLICY  TO  MITIGATE  ANTIC-
   23  IPATED ENVIRONMENTAL IMPACTS OF THE PROJECT;
   24    (H)  TO ADOPT RULES OF PROCEDURE FOR CONSULTATION WITH THE STAKEHOLDER
   25  COUNCIL, ESTABLISHED PURSUANT TO SECTION SEVENTEEN HUNDRED EIGHT OF THIS
   26  TITLE;
   27    (I) TO PROVIDE FOR THE HEALTH, SAFETY AND WELFARE OF THE PUBLIC  USING
   28  FACILITIES UNDER ITS JURISDICTION;
   29    (J) TO EXERCISE THE FOLLOWING GENERAL CORPORATE POWERS:
   30    (I)  TO  MAKE  AND  ALTER  BY-LAWS  FOR  ITS ORGANIZATION AND INTERNAL
   31  MANAGEMENT;
   32    (II) TO ADOPT, AMEND OR RESCIND SUCH RULES, REGULATIONS AND ORDERS  AS
   33  MAY  BE  NECESSARY  OR CONVENIENT FOR THE PERFORMANCE OR EXERCISE OF THE
   34  FUNCTIONS, POWERS AND  DUTIES  OF  THE  TRUST  IN  ACCORDANCE  WITH  THE
   35  PROVISIONS OF THIS TITLE;
   36    (III)  TO  ENTER  INTO CONTRACTS, INCLUDING CUSTOMARY TRADE CREDITS IN
   37  THE ORDINARY COURSE OF BUSINESS, WITH  ANY  PERSON  AND  DO  ALL  THINGS
   38  NECESSARY OR CONVENIENT TO CARRY OUT THE FUNCTIONS, POWERS AND DUTIES OF
   39  THE TRUST;
   40    (IV) TO CONDUCT MEETINGS AND HEARINGS WITH RESPECT TO ANY MATTER UNDER
   41  THE JURISDICTION AND CONTROL OF THE TRUST;
   42    (V)  TO  BRING  OR DEFEND SUCH ACTIONS, SUITS OR PROCEEDINGS AS MAY BE
   43  NECESSARY OR PROPER TO PERFORM ANY OF THE POWERS, FUNCTIONS  AND  DUTIES
   44  OF THE TRUST;
   45    (VI)  TO  EXERCISE AND PERFORM SUCH OTHER FUNCTIONS, POWERS AND DUTIES
   46  AS SHALL HAVE BEEN OR MAY BE FROM TIME TO TIME CONFERRED OR  IMPOSED  BY
   47  OR PURSUANT TO LAW;
   48    (VII) TO APPOINT SUCH OFFICERS AND EMPLOYEES AS IT MAY REQUIRE FOR THE
   49  PERFORMANCE  OF  ITS  DUTIES,  AND TO FIX AND DETERMINE THEIR QUALIFICA-
   50  TIONS, DUTIES, AND COMPENSATION AND TO RETAIN OR EMPLOY SUCH PERSONS  AS
   51  LANDSCAPE  ARCHITECTS,  ARCHITECTS,  HISTORIANS,  ECOLOGISTS, EDUCATORS,
   52  ENGINEERS, COUNSEL, AUDITORS, AND  PRIVATE  CONSULTANTS  ON  A  CONTRACT
   53  BASIS  OR  OTHERWISE  TO  RENDER  PROFESSIONAL OR TECHNICAL SERVICES AND
   54  ADVICE;
       A. 1307                             5
    1    (VIII) TO SUBMIT LEGAL MATTERS TO THE ATTORNEY GENERAL  OF  THE  STATE
    2  WHO  MAY  FURNISH  ANY  NECESSARY  LEGAL SERVICES AND ADVICE REQUIRED TO
    3  ASSIST THE TRUST IN ACCOMPLISHING ITS CORPORATE PURPOSES;
    4    (IX)  TO  DESIGNATE  THE  DEPOSITORIES  OF  ITS  MONEY AND THE PERSONS
    5  AUTHORIZED TO SIGN CHECKS AND OTHER SUCH INSTRUMENTS ON ITS BEHALF;
    6    (X) TO ESTABLISH AND RE-ESTABLISH ITS FISCAL YEAR; AND
    7    (XI) TO PREPARE AND APPROVE AN ANNUAL BUDGET FOR ITS OPERATIONS;
    8    (K) TO PROVIDE FOR MEANINGFUL PUBLIC NOTICE, PARTICIPATION,  CONSULTA-
    9  TION  AND  REVIEW  IN  THE  PLANNING,  DEVELOPMENT  AND OPERATION OF THE
   10  PROJECT, WHICH SHALL INCLUDE, BUT NOT BE LIMITED TO:
   11    (I) CONSULTATION WITH THE STAKEHOLDER COUNCIL  AND  ELECTED  OFFICIALS
   12  REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT; AND
   13    (II)  TIMELY  AND REASONABLE NOTIFICATION TO APPROPRIATE NEWS MEDIA OF
   14  EACH MEETING OF THE TRUST AND ANY PUBLIC HEARINGS REGARDING  SIGNIFICANT
   15  PLANS OR PROPOSED ACTIONS WITH RESPECT TO THE PROJECT;
   16    (L)  TO DEVELOP AND OVERSEE AN ANNUAL FINANCING PLAN THAT WILL COMBINE
   17  CONTRIBUTIONS FROM THE STATE, THE CITY OF NEW YORK AND  PRIVATE  SOURCES
   18  FOR THE PLANNING AND DEVELOPMENT OF THE PROJECT; AND
   19    (M)  TO  LEND  OR  DONATE MONIES, WHETHER SECURED OR UNSECURED, TO ANY
   20  SUBSIDIARY CORPORATION, AND TO PURCHASE,  SELL  OR  PLEDGE  THE  SHARES,
   21  BONDS  OR  OTHER  OBLIGATIONS  OR  SECURITIES THEREOF, ON SUCH TERMS AND
   22  CONDITIONS AS THE CORPORATION MAY DEEM ADVISABLE.
   23    2. THE TRUST SHALL BE SUBJECT TO ARTICLE EIGHT  OF  THE  ENVIRONMENTAL
   24  CONSERVATION  LAW.  THE GENERAL PROJECT PLAN ADOPTED PRIOR TO THE COMING
   25  INTO EXISTENCE OF THE TRUST SHALL CONSTITUTE THE  GENERAL  PROJECT  PLAN
   26  FOR  THE  PROJECT. HOWEVER, SHOULD THE TRUST DECIDE TO AMEND THE GENERAL
   27  PROJECT PLAN, THEN THE TRUST SHALL CONTINUE THE PREPARATION OF AN  ENVI-
   28  RONMENTAL IMPACT STATEMENT IN ACCORDANCE WITH THE ONGOING STATE ENVIRON-
   29  MENTAL  QUALITY REVIEW PROCESSES BEGUN BY ITS PREDECESSORS AND SHALL ACT
   30  AS LEAD AGENCY IN CONNECTION THEREWITH IN ORDER THAT THERE SHALL  BE  NO
   31  INTERRUPTION  OR  IMPEDIMENT  TO THAT PROCESS AS A RESULT OF THIS TITLE.
   32  SUCH USE BY THE TRUST OF THE ENVIRONMENTAL IMPACT STATEMENT BEGUN BY THE
   33  NEW YORK STATE URBAN DEVELOPMENT CORPORATION SHALL NOT BE DEEMED ILLEGAL
   34  OR AN OBJECTION UNDER ARTICLE EIGHT OF  THE  ENVIRONMENTAL  CONSERVATION
   35  LAW. UNLESS THE CONTEXT CLEARLY REQUIRES OTHERWISE, ANY REFERENCE TO THE
   36  URBAN  DEVELOPMENT CORPORATION DOING BUSINESS AS THE EMPIRE STATE DEVEL-
   37  OPMENT CORPORATION IN THE FINAL ENVIRONMENTAL IMPACT  STATEMENT  OR  ANY
   38  OTHER  DOCUMENT  THAT  IS PART OF THE PROCESS OF DEVELOPING OR APPROVING
   39  THE GENERAL PROJECT PLAN, OR IN THE GENERAL PROJECT PLAN  ITSELF,  SHALL
   40  BE  DEEMED TO REFER TO AND MAY BE AMENDED TO REFER TO THE ATLANTIC YARDS
   41  DEVELOPMENT TRUST, AND SUCH REFERRAL AND AMENDMENT SHALL NOT  BE  DEEMED
   42  ILLEGAL OR AN OBJECTION UNDER ARTICLE EIGHT OF THE ENVIRONMENTAL CONSER-
   43  VATION  LAW.  THE  PLAN RESULTING FROM SUCH ENVIRONMENTAL REVIEW PROCESS
   44  SHALL BE CONSISTENT WITH THIS TITLE AND  SHALL  BE  THE  BASIS  FOR  THE
   45  DESIGN  AND  DEVELOPMENT  OF  THE  PROJECT  AND  BE KNOWN AS THE GENERAL
   46  PROJECT PLAN.
   47    3. (A) THE TRUST SHALL RECEIVE AND HAVE EXCLUSIVE TITLE TO ALL  RENTS,
   48  FEES,  AND  OTHER  REVENUES REQUIRED TO BE TRANSFERRED TO IT UNDER PARA-
   49  GRAPH (B) OF THIS SUBDIVISION AND ALSO TO ALL  RENTS,  FEES,  AND  OTHER
   50  REVENUES  PAID  OR  TO  BE  PAID TO IT PURSUANT TO ANY LEASE, CONCESSION
   51  ARRANGEMENT, LICENSE OR OTHER AGREEMENT RELATING  TO  ANY  PART  OF  THE
   52  PROJECT,  MADE  BY  IT  OR ANY PREDECESSOR, AND ALL SUCH MONIES SHALL BE
   53  USED SOLELY FOR CONSTRUCTING, IMPROVING, OPERATING AND  MAINTAINING  THE
   54  PROJECT.
   55    (B)  ALL  NET REVENUES PAID TO THE STATE OF NEW YORK OR ANY INSTRUMEN-
   56  TALITY THEREOF, THE NEW YORK STATE URBAN  DEVELOPMENT  CORPORATION,  THE
       A. 1307                             6
    1  CITY  OF NEW YORK OR ANY INSTRUMENTALITY THEREOF, PURSUANT TO ANY LEASE,
    2  CONCESSION AGREEMENT, LICENSE OR OTHER AGREEMENT RELATING TO ANY PART OF
    3  THE PROJECT, AND  ANY  SUCH  REVENUES  HEREAFTER  PAID  TO  AND  IN  THE
    4  POSSESSION OF ANY OF THOSE ENTITIES.
    5    4.  THE  ACCOUNTS,  RECORDS,  AND  PERFORMANCE  OF  THE TRUST SHALL BE
    6  SUBJECT TO ANNUAL AUDIT BY THE COMPTROLLERS OF THE STATE AND CITY OF NEW
    7  YORK, IN ACCORDANCE WITH THE PROCEDURAL  REQUIREMENTS  GOVERNING  AUDITS
    8  UNDER THE LAWS OF SUCH JURISDICTIONS.
    9    5.  THE  TRUST MAY ESTABLISH AND FINANCE STAFF OR CONSULTANT POSITIONS
   10  TO SERVE AS LIAISONS TO THE TRUST FOR THE STAKEHOLDER COUNCIL.
   11    6. IN THE CASE  OF  ANY  PROPOSED  SIGNIFICANT  ACTION  AFFECTING  THE
   12  PROJECT OR THE NEIGHBORING COMMUNITY, INCLUDING THE ADOPTION OF, AND ANY
   13  AMENDMENT TO, THE GENERAL PROJECT PLAN OR THE ANNUAL FINANCING PLAN, THE
   14  TRUST SHALL:
   15    (A) HOLD A PUBLIC HEARING ON NOT LESS THAN THIRTY DAYS' ADVANCE PUBLIC
   16  NOTICE;
   17    (B)  SOLICIT AND CONSIDER THE VIEWS OF THE COMMUNITY STAKEHOLDER COUN-
   18  CIL, THE PLANNING COMMISSION OF THE CITY OF NEW YORK, ELECTED  OFFICIALS
   19  REPRESENTING COMMUNITIES NEIGHBORING THE PROJECT, ALLOWING NOT LESS THAN
   20  SIXTY  DAYS  FOLLOWING  THE  NOTICE  OF  THE  PROPOSED  ACTION  FOR  THE
   21  SUBMISSION OF SUCH VIEWS;
   22    (C) PUBLISH NOTICE OF THE HEARING AND  PROPOSED  ACTION  IN  THE  CITY
   23  RECORD AND STATE REGISTER;
   24    (D) MEET WITH REPRESENTATIVES OF THE STAKEHOLDER COUNCIL NOT LESS THAN
   25  TWENTY DAYS FOLLOWING THE END OF THE PUBLIC COMMENT PERIOD; AND
   26    (E)  PREPARE A FINDINGS STATEMENT SUMMARIZING PUBLIC COMMENT AND VIEWS
   27  OF THE STAKEHOLDER COUNCIL AND OUTLINE HOW THE PROPOSED ACTION ADDRESSES
   28  IDENTIFIED CONCERNS.
   29    7. NO LATER THAN FEBRUARY FIRST OF EACH YEAR FOLLOWING  THE  EFFECTIVE
   30  DATE  OF  THIS TITLE AND WITHIN SIXTY DAYS AFTER THE LATER OF THE EFFEC-
   31  TIVE DATE OF THIS TITLE OR THE ADOPTION OF THE GENERAL PROJECT  PLAN  OR
   32  ANY  AMENDMENT,  THE TRUST SHALL DELIVER TO THE GOVERNOR, THE SPEAKER OF
   33  THE ASSEMBLY, THE TEMPORARY PRESIDENT OF THE  SENATE,  THE  STATE  COMP-
   34  TROLLER,  THE  MAYOR  OF  THE  CITY OF NEW YORK, THE SPEAKER OF THE CITY
   35  COUNCIL OF THE CITY OF NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK
   36  AND THE CHAIRS OF COMMUNITY  BOARDS  TWO,  SIX,  AND  EIGHT  WITHIN  THE
   37  BOROUGH OF BROOKLYN, A CURRENT COPY OF THE ANNUAL FINANCING PLAN AND ANY
   38  AMENDMENTS  TO  THE  GENERAL  PROJECT PLAN FOR THE PROJECT AND THE TRUST
   39  SHALL, WITHIN THE SAME TIME, MAKE SUCH PLAN AND A CURRENT  COPY  OF  ITS
   40  REGULATIONS AVAILABLE FOR PUBLIC INSPECTION DURING BUSINESS HOURS AT THE
   41  OFFICES OF THE TRUST WITHIN THE CITY OF NEW YORK.
   42    8.  NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE ATLANTIC
   43  YARDS DEVELOPMENT TRUST SHALL  ESTABLISH  THE  ATLANTIC  YARDS  PURPOSES
   44  ACCOUNT  AND OTHER SUB-ACCOUNTS WHICH MAY BE NECESSARY OR CONVENIENT FOR
   45  THE AUTHORIZED PURPOSES OF THE TRUST WITHIN THE TREASURY  OF  THE  TRUST
   46  WHICH SHALL REFLECT AND CONSIST OF ALL FUNDS MADE AVAILABLE TO THE TRUST
   47  AT ANY TIME, FROM ANY SOURCES, FOR ITS AUTHORIZED PURPOSES. SUCH ACCOUNT
   48  AND  SUB-ACCOUNTS SHALL BE INCLUDED IN DETAILED QUARTERLY REPORTS OF THE
   49  TRUST COMMENCING WITH THE QUARTERLY REPORT FOR  THE  PERIOD  IMMEDIATELY
   50  PRECEDING JANUARY FIRST, TWO THOUSAND TWELVE, WHICH SET FORTH THE STATUS
   51  OF  THE  ACCOUNT  AND  SUB-ACCOUNTS,  THE  AMOUNT IN SUCH ACCOUNT AT THE
   52  BEGINNING OF SUCH QUARTER (FROM AND INCLUDING THE ENTIRE PERIOD FOR  THE
   53  FIRST DAY OF THE OPERATIVE CALENDAR YEAR), THE PAYMENTS OF SUCH ACCOUNT,
   54  AND  THE  AMOUNT  IN  SUCH  ACCOUNT AT THE CLOSE OF SUCH QUARTER (TO AND
   55  INCLUDING THE ENTIRE PERIOD OF THE LAST DAY OF  THE  OPERATIVE  CALENDAR
   56  YEAR).   SUCH DETAILED QUARTERLY REPORTS SHALL BE PREPARED AND SUBMITTED
       A. 1307                             7
    1  WITHIN THIRTY DAYS OF THE CLOSE OF THE FISCAL QUARTER OF THE  TRUST,  TO
    2  THE  GOVERNOR,  THE  SPEAKER OF THE ASSEMBLY, THE TEMPORARY PRESIDENT OF
    3  THE SENATE, THE STATE COMPTROLLER,  THE  CHAIR  OF  THE  SENATE  FINANCE
    4  COMMITTEE, THE CHAIR OF THE ASSEMBLY WAYS AND MEANS COMMITTEE, THE MAYOR
    5  OF  THE CITY OF NEW YORK, THE SPEAKER OF THE CITY COUNCIL OF THE CITY OF
    6  NEW YORK, THE COMPTROLLER OF THE CITY OF NEW YORK,  AND  THE  CHAIRS  OF
    7  COMMUNITY BOARDS TWO, SIX AND EIGHT WITHIN THE BOROUGH OF BROOKLYN.
    8    S  1704. MONEYS OF THE ATLANTIC YARDS DEVELOPMENT TRUST. ALL MONEYS OF
    9  THE TRUST FROM WHATEVER SOURCE DERIVED SHALL BE PAID TO THE TREASURER OF
   10  THE TRUST AND SHALL BE DEPOSITED FORTHWITH IN ONE OR MORE BANKS OR TRUST
   11  COMPANIES IN THE STATE, AS DESIGNATED BY THE TRUST. THE MONEYS  IN  SUCH
   12  ACCOUNTS  SHALL  BE PAID OUT BY THE TREASURER OF THE TRUST UPON REQUISI-
   13  TION BY THE CHAIRPERSON OF THE BOARD OR OF SUCH OFFICER OR  OFFICERS  AS
   14  THE  BOARD MAY AUTHORIZE. ANY MONEYS OF THE TRUST NOT REQUIRED FOR IMME-
   15  DIATE USE OR DISBURSEMENT MAY,  AT  THE  DISCRETION  OF  THE  TRUST,  BE
   16  INVESTED   IN   THOSE   OBLIGATIONS   SPECIFIED   PURSUANT   TO  SECTION
   17  NINETY-EIGHT-A OF THE STATE FINANCE LAW.
   18    S 1705. OTHER STATE LAWS AND AGENCIES. 1. THE TRUST SHALL  BE  SUBJECT
   19  TO ARTICLES SIX AND SEVEN OF THE PUBLIC OFFICERS LAW.
   20    2.  WHENEVER  IN  THE  OPINION  OF THE TRUST IT WOULD BE IN THE PUBLIC
   21  INTEREST, IT MAY, AFTER APPROVAL OF THE DIRECTOR OF THE  BUDGET  OR  THE
   22  DIRECTOR  OF THE OFFICE OF MANAGEMENT AND BUDGET OF THE CITY OF NEW YORK
   23  AS THE CASE MAY BE, REQUEST THE TEMPORARY  ASSIGNMENT  AND  TRANSFER  OF
   24  CERTAIN  EMPLOYEES OF ANY BOARD, COMMISSION, AGENCY OR DEPARTMENT OF THE
   25  STATE OR THE CITY OF NEW YORK, AND SUCH  BOARD,  COMMISSION,  AGENCY  OR
   26  DEPARTMENT,  IF  IN THE OPINION OF THE TRANSFERRING AGENCY SUCH TRANSFER
   27  WILL NOT INTERFERE WITH THE PERFORMANCE OF ITS DUTIES AND FUNCTIONS, MAY
   28  MAKE SUCH ASSIGNMENT AND TRANSFER OR EXTENSION THEREOF WHICH  SHALL  NOT
   29  IN  ANY  WAY  AFFECT  THE  CIVIL  SERVICE STATUS, CONTINUITY OF SERVICE,
   30  RETIREMENT PLAN STATUS, RIGHT TO COMPENSATION, GRADE OR COMPENSATION  OR
   31  THE RIGHTS OR PRIVILEGES OF ANY EMPLOYEE SO TRANSFERRED.
   32    3.  FOR PURPOSES OF SECTIONS TWO HUNDRED TWENTY AND TWO HUNDRED THIRTY
   33  OF THE LABOR LAW, THE COMMISSIONER OF LABOR AND THE COMPTROLLER  OF  THE
   34  CITY OF NEW YORK SHALL BOTH BE DEEMED THE FISCAL OFFICER FOR THE TRUST.
   35    4. THE TRUST SHALL BE SUBJECT TO ARTICLE NINE OF THIS CHAPTER, AND ITS
   36  CONTRACTS  SHALL  BE  SUBJECT  TO SECTION ONE HUNDRED THIRTY-FIVE OF THE
   37  STATE FINANCE LAW AND THE PROVISIONS OF STATE LAW PERTAINING TO PREVAIL-
   38  ING WAGES, LABOR STANDARDS AND WORKING HOURS. THE TRUST SHALL BE  DEEMED
   39  A  "STATE AGENCY" FOR PURPOSES OF ARTICLE FIFTEEN-A OF THE EXECUTIVE LAW
   40  AND ITS CONTRACTS FOR PROCUREMENT, DESIGN,  CONSTRUCTION,  SERVICES  AND
   41  MATERIALS  SHALL  BE  DEEMED  STATE CONTRACTS WITHIN THE MEANING OF THAT
   42  TERM AS SET FORTH IN SUCH ARTICLE FIFTEEN-A.
   43    S 1706. NOTICE OF TORT. IN AN ACTION AGAINST THE  TRUST  FOUNDED  UPON
   44  TORT:
   45    1. A NOTICE OF CLAIM SHALL BE REQUIRED AS A CONDITION PRECEDENT TO THE
   46  COMMENCEMENT OF AN ACTION OR SPECIAL PROCEEDING AGAINST THE TRUST OR ANY
   47  OFFICER,  APPOINTEE  OR  EMPLOYEE THEREOF, AND THE PROVISIONS OF SECTION
   48  FIFTY-E OF THE GENERAL MUNICIPAL LAW SHALL GOVERN  THE  GIVING  OF  SUCH
   49  NOTICE; AND
   50    2. THE COMPLAINT SHALL CONTAIN AN ALLEGATION THAT AT LEAST THIRTY DAYS
   51  HAVE  ELAPSED SINCE THE DEMAND, CLAIM OR CLAIMS UPON WHICH THE ACTION IS
   52  FOUNDED WERE PRESENTED TO A MEMBER OF THE TRUST'S BOARD OF DIRECTORS AND
   53  TO THE TRUST'S SECRETARY AND THAT THE TRUST HAS NEGLECTED OR REFUSED  TO
   54  MAKE  AN  ADJUSTMENT  OR  PAYMENT  THEREOF  FOR  THIRTY  DAYS AFTER SUCH
   55  PRESENTMENT.
       A. 1307                             8
    1    NO SUCH ACTION SHALL BE COMMENCED MORE THAN ONE YEAR AFTER  THE  CAUSE
    2  OF  ACTION  THEREFOR  SHALL  HAVE  ACCRUED, EXCEPT AN ACTION AGAINST THE
    3  TRUST FOR WRONGFUL DEATH WHICH  IS  COMMENCED  IN  ACCORDANCE  WITH  THE
    4  NOTICE  OF CLAIM AND TIME LIMITATION PROVISIONS OF TITLE ELEVEN OF ARTI-
    5  CLE NINE OF THIS CHAPTER.
    6    S  1707.  TAX EXEMPTIONS. IT IS HEREBY DETERMINED THAT THE CREATION OF
    7  THE TRUST AND THE CARRYING OUT OF  ITS  CORPORATE  PURPOSES  IS  IN  ALL
    8  RESPECTS  FOR  THE  BENEFIT  OF  THE PEOPLE OF THE STATE AND IS A PUBLIC
    9  PURPOSE, AND THE TRUST SHALL BE REGARDED AS  PERFORMING  A  GOVERNMENTAL
   10  FUNCTION  IN THE EXERCISE OF THE POWERS CONFERRED UPON IT BY THIS TITLE.
   11  IN FURTHERANCE OF THE SAME AND NOTWITHSTANDING ANY  OTHER  PROVISION  OF
   12  ANY OTHER LAW TO THE CONTRARY:
   13    1. THE INCOME, MONEYS, OPERATIONS AND PROPERTIES OF THE TRUST SHALL BE
   14  EXEMPT FROM TAXATION, INCLUDING WITHOUT LIMITATION ANY AND ALL STATE AND
   15  LOCAL  INCOME,  FRANCHISE,  TRANSFER, RECORDING, REAL PROPERTY AND SALES
   16  TAXATION AND ANY ASSESSMENTS OF PAYMENTS IN LIEU OF TAXES.
   17    2. ANY REAL PROPERTY TAXES OR PAYMENTS IN LIEU OF TAXES PAYABLE BY ANY
   18  ENTERPRISE OPERATING WITHIN THE PROJECT TO THE CITY OF NEW YORK SHALL BE
   19  PAID TO THE TRUST FOLLOWING THE COMING INTO EXISTENCE OF THE  TRUST  AND
   20  THE  CITY  OF  NEW  YORK SHALL PROMPTLY REMIT ANY SUCH PAYMENTS RECEIVED
   21  AFTER SUCH TIME TO THE TRUST. ALL  CONTRIBUTIONS  OF  PERSONAL  PROPERTY
   22  MADE  TO  THE  TRUST WHETHER BY GIFT, DEVISE OR BEQUEST SHALL QUALIFY AS
   23  DEDUCTIONS IN COMPUTING THE NET TAXABLE INCOME  OF  THE  DONOR  FOR  THE
   24  PURPOSES  OF ANY INCOME TAX IMPOSED BY THE STATE OR ANY POLITICAL SUBDI-
   25  VISION THEREOF.
   26    S 1708. STAKEHOLDER COUNCIL. 1. THERE IS HEREBY CREATED THE  "ATLANTIC
   27  YARDS STAKEHOLDER COUNCIL". ALL MEMBERS OF THE STAKEHOLDER COUNCIL SHALL
   28  RESIDE IN THE BOROUGH OF BROOKLYN, AND SHALL BE REPRESENTATIVES OF LOCAL
   29  COMMUNITY, PARK, ENVIRONMENTAL, CIVIC, LABOR AND BUSINESS ORGANIZATIONS.
   30    2.  UPON  THE  COMING INTO EXISTENCE OF THE ATLANTIC YARDS DEVELOPMENT
   31  TRUST, MEMBERS OF THE STAKEHOLDER COUNCIL  SHALL  BE  APPOINTED  IN  THE
   32  FOLLOWING MANNER:
   33    (A)  TWO  MEMBERS  SHALL  BE  APPOINTED  BY EACH OF THE MEMBERS OF THE
   34  ASSEMBLY REPRESENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS
   35  LOCATED;  TWO MEMBERS SHALL BE APPOINTED BY EACH OF THE SENATORS REPRES-
   36  ENTING THE DISTRICT OR DISTRICTS IN WHICH THE PROJECT  IS  LOCATED;  TWO
   37  MEMBERS  SHALL  BE APPOINTED BY THE CITY COUNCIL MEMBER REPRESENTING THE
   38  DISTRICTS IN WHICH THE PROJECT IS LOCATED;  ONE  MEMBER  EACH  SHALL  BE
   39  APPOINTED  BY BROOKLYN COMMUNITY BOARDS TWO, SIX AND EIGHT RESPECTIVELY;
   40  AND TWO MEMBERS SHALL BE APPOINTED BY THE  BROOKLYN  BOROUGH  PRESIDENT.
   41  EACH  OF  THE STAKEHOLDER COUNCIL MEMBERS SHALL SERVE AT THE PLEASURE OF
   42  THE APPOINTING OFFICIAL OR BODY AND SHALL SERVE FOR A TERM OF TWO YEARS.
   43    (B) ALL ELECTED OFFICIALS REPRESENTING DISTRICTS BORDERING OR CONTAIN-
   44  ING THE PROJECT SHALL SERVE ON THE STAKEHOLDER COUNCIL ON  AN  "EX-OFFI-
   45  CIO" BASIS.
   46    3. THE STAKEHOLDER COUNCIL SHALL MAKE AND ALTER BY-LAWS FOR ITS ORGAN-
   47  IZATION AND INTERNAL MANAGEMENT.
   48    4.  THE  STAKEHOLDER  COUNCIL  MEMBERS  SHALL ELECT A CHAIR BASED ON A
   49  MAJORITY VOTE.
   50    5. THE STAKEHOLDER COUNCIL MAY HOLD PUBLIC MEETINGS AND MAY ADVISE AND
   51  MAKE RECOMMENDATIONS TO THE BOARD OF  DIRECTORS  OF  THE  TRUST  ON  ALL
   52  MATTERS  REGARDING  THE  PLANNING, DESIGN, CONSTRUCTION AND OPERATION OF
   53  THE PROJECT.
   54    6. THE STAKEHOLDER COUNCIL SHALL APPOINT  ONE  REPRESENTATIVE  TO  THE
   55  TRUST.
       A. 1307                             9
    1    7.  THE  TRUST  SHALL  PROVIDE THE STAKEHOLDER COUNCIL WITH SUCH STAFF
    2  SUPPORT AS THE TRUST DETERMINES IS REQUIRED FOR THE PERFORMANCE  OF  THE
    3  STAKEHOLDER COUNCIL'S DUTIES.
    4    8.  MEMBERS  OF  THE  STAKEHOLDER  COUNCIL SHALL SERVE WITHOUT COMPEN-
    5  SATION.
    6    S 4. Severability. If any clause,  sentence,  paragraph,  subdivision,
    7  section,  part  or  title  of  this  act shall be adjudged by a court of
    8  competent jurisdiction to be invalid, such judgment  shall  not  affect,
    9  impair or invalidate the remainder thereof, but shall be confined in its
   10  operation to the clause, sentence, paragraph, subdivision, section, part
   11  or  title of this act directly involved in the controversy in which such
   12  judgment shall have been rendered.
   13    S 5. This act shall take effect immediately.