N.Y. Public Authorities Law § 2310: Conveyance of property by the city to the authority and conveyance and leasing of said property by the authority

§ 2310. Conveyance of property by the city to the authority and

conveyance and leasing of said property by the authority. 1. The city

may, by duly adopted resolution of the common council or by instruments

authorized by such resolution, convey, with or without consideration, to

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

the authority as a project. In case of real property so conveyed, the

title thereto shall remain in the city but the authority shall have the

use thereof for so long as its corporate existence shall continue and

said real property shall be under its jurisdiction, control and

supervision within the ambit of section twenty-three hundred twenty-six

of this title and exempt from all taxes and assessments except such

payments in lieu thereof as may be contained in such resolution or

instrument of conveyance. However, such property may be sold, or

optioned for sale, by the authority (1) under the payment or agreement

to pay reasonable consideration to the city or to the authority

according to their respective interest, and (2) upon approval of the

terms of such sale, or option for sale, by duly adopted resolution of

the common council.

2. To the end that the city or any school district wherein a project

or projects or a part thereof of the authority are located may not

suffer undue loss of taxes and local improvement assessments the

authority in connection with property owned or held by it within the

city and such district, is hereby authorized to pay annually in lieu of

taxes and local improvement assessments to the city or such school

district such sum as may be mutually agreed between the authority and

the city or such school district as the case may be. The city and any

such school district wherein a project or part thereof of the authority

is located is hereby authorized and empowered to enter into an agreement

or agreements with the authority to accept the payment or payments which

the authority is hereby authorized and empowered to make. The sum so

received by the city or any such school district shall be devoted to

purposes to which taxes may be applied.

3. The city is authorized to install streets and utilities in the area

of the project and to contract with the authority with respect to

payments in lieu of local improvement assessments therefor and the

authority is authorized so to contract and to make appropriate payments

in accordance therewith.

4. The authority is authorized in the event it leases any of the real

property conveyed to it by the city, to provide that a portion of the

rental derived therefrom shall be allocated to the aforesaid payments in

lieu of taxes and assessments and to pay over said portion to the city

or school district, as the case may be. The consent of the city or

school district as to the method and amount of such allocation shall be

appended to any such lease.