Relates to the applicability of open meetings and freedom of information laws to certain not-for-profit corporations

This bill modifies New York's not-for-profit corporation laws to increase transparency and oversight for entities created or supported by government bodies. It requires corporations formed at the request of a municipality or state authority to disclose this relationship on their incorporation documents and mandates that the state budget office receive copies of these filings. The legislation also establishes new rules for "local development corporations," allowing them to lease or sell public property without standard appraisals or bidding processes if the agreement is approved by local officials. Additionally, the bill defines contracts between these development corporations and government entities as public authority agreements, subjecting them to specific legal requirements and limiting their terms to twenty-five years.