Authorizes the dormitory authority to provide financing to The New York Climate Exchange Inc. for the construction of facilities on Governor's Island

◆ The sponsor's argument

Why Andrew Gounardes says this is needed

The New York Climate Exchange Inc. is advancing an $800 million dollar climate education and research campus on Governors Island. Much of the funding will come through large philanthropic pledges that will be fulfilled over several years. The New York Climate Exchange Inc. is a New York not-for-profit corpo- ration comprised of a consortium of institutions led by Stony Brook University, which was selected in 2023 by the Trust for Governors Island and the City of New York through a competitive process. It brings together top universities, major employers, labor unions, and community groups to launch the nation's first center for climate innovation, a hub for research, education, and training that will create permanent jobs, activate New York Harbor, and expand year-round learning opportunities across New York City. To meet near-term construction costs and maintain momentum, The New York Climate Exchange Inc. is exploring financing strategies that recognize the strength of existing and future philan- thropic pledges. The Dormitory Authority of the State of New York ("DASNY") issues tax-exempt bonds on behalf of colleges, universities and hospitals as well as certain other not-for-profit organizations specifically authorized by the Legislature. Authorizing DASNY to issue bonds on behalf of The New York Climate Exchange Inc. would enable this project to move forward more quickly if this type of credit structure is acceptable to investors. Part of the diligence process by investors is identifying an issuer of tax-exempt bonds.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.