N.Y. Private Housing Finance Law § 219: Sale or lease of real property by a city to a redevelopment corporation

§ 219. Sale or lease of real property by a city to a redevelopment

corporation. 1. The local legislative body, or if there is a board of

estimate in the city, then the board of estimate, may by resolution

determine that real property, title to which is held by the city,

specified and described in such resolution, is not required for use by

the city and may authorize the city to sell or lease such real property

to a redevelopment corporation; provided, however, that the title of the

city to such real property be not declared inalienable by charter of the

city, or other similar law or instrument.

2. Notwithstanding the provisions of any general, special or local law

or ordinance, such sale or lease may be made without appraisal, public

notice or public bidding for such price or rental and upon such terms

(and, in case of a lease, for such term not exceeding fifty years with a

right to one renewal term of thirty years) as may be agreed upon between

the city and the redevelopment corporation.

3. Before any sale or lease to a redevelopment corporation shall be

authorized, a public hearing shall be held by the local legislative

body, or by the board of estimate, as the case may be, to consider the

proposed sale or lease.

4. Notice of such hearing shall be published at least ten days before

the date set for the hearing in such publication and in such manner as

may be designated by the local legislative body, or the board of

estimate, as the case may be.

5. The deed or lease of such real property shall be executed in the

same manner as a deed or lease by the city of other real property owned

by it and may contain appropriate conditions and provisions to enable

the city to reenter the real property in the event of a violation by the

redevelopment corporation of any of the provisions of this article

relating to such redevelopment corporation or of the conditions or

provisions of such deed or lease.

6. A redevelopment corporation purchasing or leasing real property

from a city shall not, without the written approval of the city, use

such real property for any purpose except in connection with its

development. The deed shall contain a condition that the redevelopment

corporation will devote the real property granted only for the purposes

of its development subject to the restrictions of this article, for

breach of which the city shall have the right to reenter and repossess

itself of the real property.