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

2025 Regular Session Introduced by Charles Fall and 7 co-sponsors

DASNY is authorized to finance construction of facilities on Governor’s Island for The New York Climate Exchange Inc.

RETURNED TO ASSEMBLY

Summary of Bill A09590 (2025-2026) – New York

Purpose and intent

The bill authorizes the Dormitory Authority of the State of New York (DASNY) to provide financing to The New York Climate Exchange Inc. for the construction of facilities on Governor’s Island.

In effect, it expands the DASNY financing authority to include a specific project sponsor (The New York Climate Exchange Inc.) and a specific project site (Governor’s Island).

Key provisions and changes

Amends the Public Authorities Law to add The New York Climate Exchange Inc. as an eligible recipient of DASNY financing.

Section 1676: Adds an undesignated paragraph to paragraph (b) of subdivision 2, permitting financing for construction of facilities on Governor’s Island to The New York Climate Exchange Inc.
Section 1680: Adds an undesignated paragraph to subdivision 1, similarly authorizing financing for construction of facilities on Governor’s Island to The New York Climate Exchange Inc.

Effective date: Immediate.

Who/what would be affected

The Dormitory Authority of the State of New York (DASNY) would gain the explicit statutory authority to provide financing for this project.

The New York Climate Exchange Inc. would be the project sponsor/financed entity eligible to receive DASNY financing for construction on Governor’s Island.

Governor’s Island would be the project site for the financed facilities.

Procedural and timeline aspects

Legislative history indicates:

Introduced January 21, 2026.
Referred to the Committee on Corporations, Authorities and Commissions.
Amendments and recommitments occurred; bill moved through reported, advanced to third reading, and passed both houses (Assembly May 4, 2026; Senate June 4, 2026).
Substituted for S8839A and finalized for passage.

Effective immediately upon enactment.

Additional context

The bill does not specify project details beyond authorizing financing for construction on Governor’s Island, nor does it set financing terms (amounts, interest rates, repayment terms, or project milestones). Such particulars would likely be determined in implementing regulations or future financing agreements between DASNY and The New York Climate Exchange Inc.

As a modification to the statutory authority of a major public financing entity, the bill could enable significant private-sector facility development on a state urban site, subject to standard DASNY financing safeguards and project approvals.

If you’d like, I can compare this bill to related measures (e.g., S08839-A) or map potential fiscal implications once project specifics are available.