N.Y. Education Law § 456: Special provisions relating to acquisition and transfer of real property

§ 456. Special provisions relating to acquisition and transfer of real

property. Notwithstanding any contrary provisions of any general,

special or local law, charter or ordinance:

1. Provided that the trustees of the fund shall have formally approved

by a two-thirds vote the acquisition of such real property for the

development of one or more combined occupancy structures, any public

corporation or officer responsible for the acquisition of real property

for school purposes in the city of New York is hereby authorized for and

on behalf and in the name of the city of New York, to execute and

deliver to the fund, on such terms and for such consideration, if any,

as may be determined by such public corporation or officer and the fund,

but not to exceed the cost of acquisition thereof and the cost of

improvements thereon, or lease for a term not exceeding ninety-nine

years, a quitclaim deed conveying to the fund all right, title and

interest of such public corporation and of the city of New York, in and

to any of the lands acquired by such public corporation or officer for

school purposes, and in and to any of the improvements thereon, for the

purpose of constructing, reconstructing, rehabilitating or improving

thereon one or more combined occupancy structures pursuant to this

article for subsequent lease or sublease of the school portion of such

combined occupancy structures to such public corporation or officer, in

accordance with the terms of an agreement entered into among them

pursuant to this article. The fund is hereby authorized to accept such

lease or conveyance; to lease, sublease or otherwise transfer or convey,

such lands and improvements and all or any part of the buildings or

structures constructed, reconstructed, rehabilitated or improved

thereon, to third parties and to such public corporation or officer in

accordance with the provisions of this article, and to hold the same

subject to the terms of any such lease, conveyance, sublease or other

agreement; and such public corporation or officer is hereby authorized

to lease or sublease from the fund any such lands or improvements or the

school portion of any combined occupancy structure, constructed,

reconstructed, rehabilitated or improved thereon pursuant to this

article or other provisions of law, and to hold such lands,

improvements, buildings and school portions of combined occupancy

structures subject to the terms of any such lease, sublease or other

agreement.

2. In the event that the fund shall fail, within five years from the

date of a lease or conveyance authorized pursuant to subdivision one of

this section, to construct, reconstruct, rehabilitate or improve the

buildings or structures thereon for which the conveyance was made, as

provided for in a lease, sublease or other agreement entered into with

such public corporation or officer, or in the event that such buildings

or structures shall cease to be used for the purposes intended, then and

in either event but subject to the terms of any lease, sublease or other

agreement undertaken by the fund, such lands, and the improvements and

buildings or structures thereon, shall revert to the city of New York

with right of re-entry thereupon, and such lease or deed shall be made

subject to such conditions; provided, however, that as a condition

precedent to the exercise of such right of re-entry the city of New

York, or such public corporation or officer, shall pay to the fund an

amount equal to the purchase price of such lands and improvements, the

depreciated cost of any buildings or structures constructed,

reconstructed, rehabilitated or improved thereon, and all other costs of

the fund incident to the acquisition of such lands and the financing of

construction, reconstruction, rehabilitation or improvement relating to

such buildings or structures, all as provided in the aforesaid lease,

sublease or other agreement entered into with such public corporation or

officer.