N.Y. General Municipal Law § 970-l: Property disposition, rehabilitation and development

§ 970-l. Property disposition, rehabilitation and development. (a) A

municipality in order to implement a redevelopment plan adopted by the

legislative body, may for purposes of redevelopment, sell, lease,

exchange, subdivide, transfer, assign, pledge, encumber by mortgage,

deed of trust or otherwise, or otherwise dispose of any real or personal

property or any interest in property. Any lease or sale may be made

without public bidding but only after a public hearing, notice of which

shall be given by publication for not less than once a week for two

weeks prior to the hearing in a newspaper of general circulation

published in the county in which the land lies. Except as otherwise

provided by this article the municipality shall lease or sell all real

property acquired by it in any project area, except property conveyed by

it to a municipality, school district or improvement district for public

purposes as provided by the redevelopment plan. Each such lease or sale

shall be conditioned on the redevelopment and use of the property in

conformity with the redevelopment plan.

(b) The municipality may obligate lessees or purchasers of property

acquired in a redevelopment project to use the property for the purpose

designated in the redevelopment plan, begin the redevelopment of the

project area within a period of time which the agency fixes as

reasonable and comply with other conditions which the agency deems

necessary to carry out the purposes of this article. The municipality

may provide in the contract that any of the obligations of the

purchasers are covenants or conditions running with the land, the breach

of which shall cause the ownership to revert to the agency.

(c) The municipality may sell, lease, grant, or donate real property

owned or acquired by it in a project area for the purpose of providing

housing for low or moderate income individuals or families.

(d) Property acquired by the municipality for rehabilitation and

resale shall be offered for resale within one year after completion of

rehabilitation, or in the event that such property has not been offered

for resale within one year an annual report shall be published by the

agency in a newspaper of general circulation published in the

municipality listing any rehabilitated property held by the agency in

excess of such one-year period, stating the reasons such property

remains unsold and indicating plans for its disposition.

(e) The term of lease by the agency of real property shall not exceed

ninety-nine years.