PSC-29-15-00025-P Joint Petition for Authority to Transfer Real Property Located at 624 West 132nd Street, New York, NY

7/22/15 N.Y. St. Reg. PSC-29-15-00025-P

NEW YORK STATE REGISTER

VOLUME XXXVII, ISSUE 29

July 22, 2015

RULE MAKING ACTIVITIES

PUBLIC SERVICE COMMISSION

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. PSC-29-15-00025-P

Joint Petition for Authority to Transfer Real Property Located at 624 West 132nd Street, New York, NY

PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:

Proposed Action:

The Commission is considering whether to grant, modify or reject, in whole or in part, a joint petition filed by Consolidated Edison Company of New York, Inc. to transfer real property located at 624 West 132nd Street, New York, NY.

Statutory authority:

Public Service Law, section 70

Subject:

Joint Petition for authority to transfer real property located at 624 West 132nd Street, New York, NY.

Purpose:

Whether to authorize the proposed transfer of real property located at 624 West 132nd Street, New York, NY.

Substance of proposed rule:

The Public Service Commission is considering whether to grant, deny or modify, in whole or part, the joint petition of Consolidated Edison Company of New York, Inc. (Con Edison) and the Trustees of Columbia University in the City of New York (Columbia) for authority to transfer from Con Edison to Columbia real property located at 624 West 132nd Street, New York, New York, identified as Block 1998, Lot 49 (Property). The terms and conditions under which Con Edison has agreed to transfer the Property are contained in an Exchange Agreement dated July 15, 2013, as amended. Presently, the Property houses four cooling plants for its transmission system (Cooling Station). According to the joint petitioners, the Property is in the center of a 17-acre area that Columbia is redeveloping for research, instructional, university housing, and retail purposes. This area is known as the Manhattanville Mixed Use Development Project. Under an Exchange Agreement, Columbia would construct, at its expense estimated at $37 million, a new cooling station at one of three nearby locations to replace the Cooling Station. In addition, Columbia would pay Con Edison $2.4 million for the real property, which would be escalated by 2.75% per year from the date of the Exchange Agreement and the closing of the transaction. After Columbia designates one of the three locations for the replacement cooling station, should Con Edison determine that it is no longer in need of the replacement cooling station, the Exchange Agreement requires that the joint petitioners obtain new appraisals for the Property. The Commission may address other matters related to the joint petition and the Exchange Agreement.

Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.ny.gov/f96dir.htm. For questions, contact:

Elaine Agresta, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Kathleen H. Burgess, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Public comment will be received until:

45 days after publication of this notice.

Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement

Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.

(15-M-0386SP1)