N.Y. Education Law § 480: Special provisions relating to acquisition and transfer of real property

§ 480. 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 Yonkers is hereby authorized for and on behalf and in the

name of the city of Yonkers, 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, a lease for

a term not exceeding ninety-nine years, or a quitclaim deed conveying to

the fund all right, title and interest of such public corporation and of

the city of Yonkers 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 Yonkers

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 Yonkers,

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.