N.Y. Public Authorities Law § 1621-f: Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

* § 1621-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 resolution or resolutions of the common council or by

instruments authorized by such resolutions, convey, with or without

consideration, 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

or in connection therewith and pledge and pay to the authority, as

security for its bonds, notes or other liabilities, certain revenues and

income of the city from parking facilities owned or operated by the

city. 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, unless

otherwise provided for by the authority and the city. In the case of

personal property so conveyed, the title shall pass to the authority.

2. The city may acquire by gift, purchase or condemnation real

property in the name of the city for any of the projects or for the

widening of existing roads, streets, parkways, avenues or highways or

for new roads, streets, parkways, avenues or highways to any of the

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

purposes, by gift, 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, parkways, avenues, or highways

as may be necessary or convenient, except as to state highways and

arterial ways which may 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 or pledged or paid by the city

to the authority, the additional property to be acquired by the city and

so conveyed, the streets, roads, parkways, 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, parkway, avenue and highway

improvements to be made by the city and as to such matters which pertain

to any conveyance or pledge and payment of moneys or property to the

authority. Any such contracts between the city and the authority may be

pledged by the authority to secure its bonds and notes and may not be

modified thereafter except as provided by the terms of such contract and

such pledge. The 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 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. Subject to subdivision four of section sixteen hundred twenty-one-d

of this title, the authority may itself, subject to prior approval of

the common council, acquire, in the name of the city, real property

necessary or convenient in connection with any project at the cost and

expense of the authority by purchase or condemnation pursuant to the

eminent domain procedure law. 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 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.

* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)