N.Y. Econ. Dev. Law § 341
It is the intent of the legislature to provide the necessary assurances and commitments required by the United States olympic committee and the international olympic committee in selecting a host city or municipality for the two thousand twelve olympic games. The selection of locations in New York state to host the olympic games will confer significant benefits to the state as a whole and the host municipality through increased tourism, economic growth, job creation and capital improvements. In addition, it is projected that the hosting city and state will receive substantially increased sales and other tax revenues as a direct consequence of hosting the games. Such additional revenues are expected to significantly exceed any potential liability of the municipality and the state associated with this act. Contracts entered into by the state and funds appropriated in accordance with this act shall be used for the sole purpose of fulfilling the joint obligation of the endorsing municipality and the state required by the United States olympic committee or the international olympic committee under a games support contract or any other agreement to indemnify and insure against any net financial deficit resulting from the conduct of the games. In no event shall the combined liability of a host municipality and state exceed two hundred fifty million dollars. It is also the intent of the legislature to support future summer and winter olympics bids by municipalities and the state.
N.Y. Economic Development Law § 341