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