The proposed legislation would set into law the governance structure recommended by the BrooklynSpeaks coalition. According to the press release, the Atlantic Yards Governance Act (A11395) would create the “Atlantic Yards Trust” to oversee the project with a board of state and city appointed officials, overseeing policies to mitigate the environmental impact of the project (and recommending additional policies). A “Stakeholders Council” comprised of local residents appointed by local elected officials would advise the Trust.
Among those at the press conference will be Assemblymembers Hakeem Jeffries and Jim Brennan, and City Council members Letitia James and David Yassky, along with Brooklyn community leaders. Given that the state legislative session essentially ends June 23, it's unlikely that the bill would pass the Assembly in time, much less the Republican-controlled state Senate.
However, the Senate may tip Democratic after this year's elections, and the bill, once introduced, can be considered again, said Jeffries, the legislative sponsor. So it seems that the bill is being announced as an effort to get attention to the issue before it gets serious legislative consideration.
Jeffries, Brennan, and Yassky have all supported aspects of the project, though lately all have become more critical. (Another cosponsor is Assemblywoman Joan Millman.) James is the most prominent political opponent of Atlantic Yards; her support for the bill, which assumes that the project eventually will go forward (though it's stalled for now), suggests she's being pragmatic.
From the bill
The lack of a subsidiary, such as one parallel to the Battery Park City Authority, has its impacts, according to the bill:
The result is that the project is governed in a less transparent, less accountable manner than comparable projects, and without any vehicle for coordinating the city and state agencies involved in the proposed development, or involving local elected officials and the relevant community boards. Further, changes in administration in State government, as well as changes in the ESDC`s internal organization, pose risks to the continuity of project oversight which may threaten the realization of Atlantic Yards` stated goals.