N.Y. Public Authorities Law § 2799-aaaa: Legislative declaration

* § 2799-aaaa. Legislative declaration. The legislature hereby finds,

determines and declares that: (a) the city of New York and the New York

state urban development corporation have entered into a lease providing

for the urban development corporation to use its statutory powers to

create on Roosevelt Island a new community which would retain and

heighten the benefits of urban living while preserving a sense of scale

and open space for Roosevelt Island residents and New York city as a

whole; (b) the urban development corporation has and its successors have

constructed the first phases of the island's development, including

public facilities, pursuant to a general development plan for Roosevelt

Island, which plan is being updated and which plan contemplates

significant future development, including the provision of additional

housing, commercial, civic, recreational and other facilities; (c) it is

in the public interest for the urban development corporation to transfer

all of its rights and obligations with respect to the development,

operation and supervision of both such existing and such proposed

development to a public benefit corporation which shall be under the

supervision of the commissioner of homes and community renewal; and (d)

it is in the public interest that the public benefit corporation plan,

design, develop, operate, maintain and manage Roosevelt Island and have

vested in it such powers as are necessary or convenient to effectuate

those functions and that the division of housing and community renewal

be authorized to assist such corporation in the performance of its

duties with respect to Roosevelt Island.