New York’s Public Subsidy Board (the “Board”) recently decided to hold public hearings related to development projects throughout the state, while also changing an internal policy to allow it to reconsider prior project determinations when new facts come to light.
Upon conclusion of its deliberations, the Board resolved to schedule one or more public hearings to facilitate public discussion and comment on items (b) and (c) above. The tentative date for the hearings is May 20, 2024, which will be confirmed by the Board at a later date. The Board will solicit requests for public comment on the above-referenced issues in the near future.
At its quarterly meeting, the Board considered holding public hearings on the following topics pursuant to the Board’s powers enumerated in Labor Law § 224-c(3):
a. Defining “Total Project Construction Costs” (Labor Law § 224-a(1))
b. Determining calculation of “tax savings” (Labor Law § 224-a(2)(b))
c. Determining classifications of funding sources:
- What is considered solely federal subsidy, or solely state subsidy (Labor Law § 224-a(5))
- Determining meaning of statutory exclusion (Labor Law § 224-a(3))
The Board will reconsider holding a public hearing to discuss “Total Project Construction Costs” after additional review of Labor Law § 224-c(3), as there is not a meeting of the minds among Board members as to what the Board considers appropriate for a public hearing as prescribed in Labor Law § 224-c(3).
The Board also approved an amendment to its internal procedures relative to the reconsideration of prior project determinations under Labor Law §224-a. The amendment to Section 7 of the Board’s “Process to Identify Potentially Covered Projects” procedure prescribes that the Board may reconsider a prior Labor Law § 224-a determination on a project if relevant facts change or were not known when the Board issued the prior determination. The reconsideration of a prior Board determination may occur upon a motion to reconsider made by any Board member during the executive session, and a subsequent majority Board approval to reconsider the determination in the public portion of such meeting.
