Project sponsor's interest in real property for development projects
Compiled text through Sep 15, 2021
Register checked through Jul 29, 2026
No later Register activity identified in this check.
Dates and status
- Compiling agency
- Executive Department
- Text status
- Source receipt
- Compiled text through
- Sep 15, 2021
- Register checked through
- July 29, 2026/Vol. XLVIII, Issue 30 (2026-07-29)
- Activity status
- No later Register activity identified in this check.
- Source snapshot
- Jun 6, 2026
If the project sponsor is not the sole owner of the unencumbered fee of land on which a development project will be undertaken, the following documents will be required to qualify the project sponsor's interest in the property for State assistance:
(a)the agreement of the owner to execute the project agreement and public benefit agreement as guarantor; and
(b)a copy of a lease, easement, contract or memorandum of understanding establishing the project sponsor's interest in the property. Such document shall:
(1)be of sufficient duration and stability to assure that the project sponsor will be able to comply with this Subchapter; and
(2)contain terms and conditions sufficient to ensure a period of public use of at least 23 years from the date on which the final payment on the project is issued by the State Comptroller.