(a) The authority and each subsidiary corporation shall, within five business days of the receipt of a written request for access to records which reasonably describes the records sought, respond to such request. If the authority and each subsidiary corporation do not provide or deny access to the records sought within five business days of receipt of a request, the authority or the subsidiary corporation shall furnish a written acknowledgment of receipt of the request and a statement of the approximate date which shall be reasonable under the circumstances of the request, when the request will be granted or denied. If the authority fails to respond to a request within five business days of receipt of a request with a written acknowledgment, such failure shall be deemed a denial of access by the authority. If the authority determines to grant a request in whole or in part, and if circumstances prevent disclosure within 20 business days from the date of the acknowledgment of the receipt of the request, the authority shall state in writing both the reason for the inability to grant the request within 20 business days and a date certain within a reasonable period, depending on the circumstances, when the request will be granted in whole or in part. If the authority fails to comply with this requirement, such failure shall be deemed a denial of access by the authority. Denial of access to the records, in whole or in part, shall be in writing, stating the reason therefore and advising the person denied access of his or her right to appeal to the chairman of the authority or subsidiary corporation, who shall be further identified by name, business address and business telephone number.

(b) Upon payment of the fee set forth below, the authority or a subsidiary corporation shall provide a copy of the requested records and certify to the correctness of such copy if so requested, or, as the case may be, shall certify that it does not have possession of such record or that such record cannot be found after diligent search. Nothing in this Part shall be construed to require the authority or a subsidiary corporation to prepare any record not possessed or maintained by such entity, except the records specified in subdivision 3 of section 87 of the Public Officers Law.