N.Y. General Municipal Law § 72-n: Air space and air and subsurface areas

§ 72-n. Air space and air and subsurface areas. 1. Any municipal

corporation acting through its governing board may, in addition to those

powers granted it by any other provision of law and notwithstanding any

other provision of law to the contrary, lease to any person, firm or

corporation for business, commercial, private or other lawful use, the

air rights over or the subsurface areas under any of its property

together with lands adjacent thereto which have been or are to be

acquired by it pursuant to section thirty-four-b of the public lands

law, provided that said air space rights and air rights and subsurface

rights and adjacent lands are determined by the governing board not

thereafter to be needed for municipal purposes.

2. Such lease shall be subject to the provisions of section

thirty-four-b of the public lands law and shall in addition contain

provisions requiring the lessee to take steps which are adequate and

necessary to support and maintain such facilities as are being developed

by the municipality, the state, or any of its duly constituted agencies.

3. Title to any buildings, structures, substructures or

superstructures erected or constructed by the lessee shall vest in the

municipality at the termination or expiration of the lease.

4. Any such lease may be entered into without recourse to sealed bids

or public auction provided that (a) the amount of rental and all

essential terms and conditions of the lease shall have been included in

a notice published by the governing board in at least one newspaper of

general circulation in the municipality not less than twenty days prior

to its proposed execution and that (b) such lease shall be approved by

the governing board after a public hearing held not less than ten days

after the publication of said notice.

5. Interests granted pursuant to this section and any improvements

erected or constructed thereunder shall be assessed and taxed in

accordance with the provisions of section five hundred sixty-four of the

real property tax law.