N.Y. Public Authorities Law § 1475-f: Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

§ 1475-f. Conveyance of property by the city to the authority;

acquisition of property by the city or by the authority. 1. The city

may, by ordinance or ordinances, local law or local laws or by

instruments authorized by such ordinance or ordinances, local law or

local laws, convey, with or without consideration, and upon appropriate

conditions as to outstanding city bonds appertaining to the authority

real and personal property owned by the city for use by the authority as

a project or projects or a part thereof. In case of real property so

conveyed, the title thereto shall remain in the city but the authority

shall have the use and occupancy thereof for so long as its corporate

existence shall continue. In the case of personal property so conveyed,

the title shall pass to the authority.

2. The city may acquire in the name of the city by purchase or

condemnation real property in the city for any of the projects or for

the widening of existing roads, streets, avenues or highways or for new

roads, streets, avenues or highways within a radius of one mile to any

of the projects, or partly for such purposes and partly for other city

purposes, by purchase or condemnation in the manner provided by law for

the acquisition of real property by the city. For like purposes, the

city may close such streets, roads, avenues, or highways as may be

necessary or convenient, except as to state highways and arterial ways

which shall not be closed without the consent of the state commissioner

of transportation.

3. Contracts may be entered into between the city and the authority

providing for the property to be conveyed by the city to the authority,

the additional property to be acquired by the city and so conveyed, the

streets, roads, avenues, and highways to be closed by the city and the

amounts, terms and conditions of payment to be made by the authority.

Such contracts may also contain covenants by the city as to the road,

street, avenue and highway improvements to be made by the city. Any such

contracts between the city and the authority may be pledged by the

authority to secure its bonds and may not be modified thereafter except

as provided by the terms of the pledge. The city common council may

authorize such contracts between the city and the authority and no other

authorization on the part of the city for such contracts shall be

necessary. Any such contracts may be so authorized and entered into by

the city and in such manner as the city common council may determine,

and the payments required to be made by the city may be made and

financed notwithstanding that no provision therefor shall have first

been made in the capital budget of the city. All contractual or other

obligations of the city incurred in carrying out the provisions of this

title shall be included in and provided for by each capital budget of

the city thereafter made, if and to the extent that they may

appropriately be included therein.

4. The authority may itself acquire real property for a project in the

name of the city at the cost and expense of the authority by purchase or

condemnation pursuant to the eminent domain procedure law or pursuant to

the laws relating to the condemnation of land by the city. The authority

shall have the use and occupancy of such real property so long as its

corporate existence shall continue.

5. In case the authority shall have the use and occupancy of any real

property which it shall determine is no longer required for a project

then, if such real property was acquired at the cost and expense of the

city, the authority shall have power to surrender its use and occupancy

thereof to the city, or, if such real property was acquired at the cost

and expense of the authority, then the authority shall have power to

sell, lease or otherwise dispose of said real property at public or

private sale, and shall retain and have the power to use the proceeds of

sale, rentals or other moneys derived from the disposition thereof for

its purposes.