Bill Text: NY A07854 | 2021-2022 | General Assembly | Amended

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Bill Title: Provides the International Boxing Hall of Fame the option to purchase the reverter interest of certain lands conveyed by the New York state thruway authority.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-05-24 - substituted by s6925a [A07854 Detail]

Download: New_York-2021-A07854-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7854--A

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      May 28, 2021
                                       ___________

        Introduced  by M. of A. SALKA -- read once and referred to the Committee
          on Corporations, Authorities and Commissions  --  recommitted  to  the
          Committee  on  Corporations, Authorities and Commissions in accordance
          with Assembly Rule 3, sec. 2 -- committee  discharged,  bill  amended,
          ordered reprinted as amended and recommitted to said committee

        AN  ACT to amend chapter 254 of the laws of 2013 relating to authorizing
          the New York state thruway authority to convey certain land located in
          the village of Canastota, county of Madison relating to  the  use  and
          development  of  such land, in relation to providing the International
          Boxing Hall of Fame the option to purchase the  reverter  interest  in
          such land

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

     1    Section 1. Section 5 of chapter 254 of the laws of  2013  relating  to
     2  authorizing  the New York state thruway authority to convey certain land
     3  located in the village of Canastota, county of Madison,  as  amended  by
     4  chapter 129 of the laws of 2018, is amended to read as follows:
     5    §  5.  The authorizations to transfer and convey land pursuant to this
     6  act shall be subject to the requirement that such lands  shall  be  used
     7  exclusively by the International Boxing Hall of Fame for the purposes of
     8  developing, expanding and operating a boxing hall of fame and museum. In
     9  the  event that the lands cease to be used for such purposes, or if such
    10  lands are not developed within 10 years from the effective date of  this
    11  act,  title  to  such lands and any improvements thereon shall revert to
    12  the people of the state of New York under the jurisdiction  of  the  New
    13  York  state thruway authority. The International Boxing Hall of Fame may
    14  purchase the reverter interest from the people of the state of New  York
    15  at  the  current  fair  market  value less the value of any improvements
    16  thereto as determined by independent certified appraisal or  appraisals,
    17  and less any proportionate consideration previously paid.
    18    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11445-04-2