N.Y. Const. art. XVI, § 6: Municipal redevelopment projects; allocation of real property taxes therefor

§ 6. Notwithstanding any provision of this or any other article of

this constitution to the contrary, the legislature may by law authorize

a county, city, town or village, or combination thereof acting together,

to undertake the development of public improvements or services,

including the acquisition of land, for the purpose of redevelopment of

economically unproductive, blighted or deteriorated areas and, in

furtherance thereof, to contract indebtedness. Any such indebtedness

shall be contracted by any such county, city, town or village, or

combination thereof acting together, without the pledge of its faith and

credit, or the faith and credit of the state, for the payment of the

principal thereof and the interest thereon, and such indebtedness may be

paid without restriction as to the amount or relative amount of annual

installments. The amount of any indebtedness contracted under this

section may be excluded in ascertaining the power of such county, city,

town or village to contract indebtedness within the provisions of this

constitution relating thereto. Any county, city, town or village

contracting indebtedness pursuant to this section for redevelopment of

an economically unproductive, blighted or deteriorated area shall pledge

to the payment thereof that portion of the taxes raised by it on real

estate in such area which, in any year, is attributed to the increase in

value of taxable real estate resulting from such redevelopment. The

legislature may further authorize any county, city, town or village, or

combination thereof acting together, to carry out the powers and duties

conferred by this section by means of a public corporation created

therefor.