Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent.

This bill amends the general municipal law to update value capture mechanisms for New York City and the Metropolitan Transportation Authority (MTA). It includes transparency requirements and makes these provisions permanent. The bill mandates that municipal corporations conduct public hearings and provide analyses on the benefits of mass transportation capital projects. It also allows for the allocation of revenues from these projects through various methods, including tax increment financing, special transportation assessments, and land value taxation.

Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent.

This bill amends the general municipal law to update value capture mechanisms for New York City and the Metropolitan Transportation Authority (MTA). It includes transparency requirements and makes these provisions permanent. The bill mandates that municipal corporations conduct public hearings and provide analyses on the benefits of mass transportation capital projects. It also allows for the allocation of revenues from these projects through various methods, including tax increment financing, special transportation assessments, and land value taxation.