N.Y. Urban Development Corporation Act 174/68 § 5: Powers of the corporation

§ 5. Powers of the corporation. Except as otherwise limited by this

act, the corporation shall have power:

(1) To sue and be sued;

(2) To have a seal and alter the same at pleasure;

(3) To make and execute contracts and all other instruments necessary

or convenient for the exercise of its powers and functions under this

act;

(4) To make and alter by-laws for its organization and internal

management and, subject to agreements with noteholders or bondholders,

to make rules and regulations with respect to its projects, operations,

properties and facilities, which rules and regulations shall be filed

with the department of state in the manner provided by section one

hundred two of the executive law;

(5) To acquire, hold and dispose of personal property for its

corporate purposes;

(6) To appoint officers, agents and employees, prescribe their duties

and qualifications and fix their compensation;

(7) To acquire or contract to acquire from any person, firm,

corporation, municipality, federal or state agency, by grant, purchase,

condemnation or otherwise, leaseholds, real, personal or mixed property

or any interest therein; to own, hold, clear, improve and rehabilitate,

and to sell, assign, exchange, transfer, convey, lease, mortgage, or

otherwise dispose of or encumber the same;

(8) To create subsidiaries, as provided in section twelve of this act.

(9) To acquire, construct, reconstruct, rehabilitate, improve, alter

or repair or provide for the construction, reconstruction, improvement,

alteration or repair of any project.

(10) To arrange or contract with a municipality for the planning,

replanning, opening, grading or closing of streets, roads, roadways,

alleys or other places, or for the furnishing of facilities or for the

acquisition by a municipality of property or property rights or for the

furnishing of property or services in connection with a project.

(11) To sell, lease, assign, transfer, convey, exchange, mortgage, or

otherwise dispose of or encumber any project, and in the case of the

sale of any project, to accept a purchase money mortgage in connection

therewith; and to lease, repurchase or otherwise acquire and hold any

project which the corporation has theretofore sold, leased or otherwise

conveyed, transferred or disposed of.

(12) To grant options to purchase any project or to renew any leases

entered into by it in connection with any of its projects, on such terms

and conditions as it may deem advisable.

(13) To prepare or cause to be prepared plans, specifications, designs

and estimates of cost for the construction, reconstruction,

rehabilitation, improvement, alteration or repair of any project, and

from time to time to modify such plans, specifications, designs or

estimates.

(14) To manage any project, whether then owned or leased by the

corporation, and to enter into agreements with the state or any

municipality or any agency or instrumentality thereof, or with any

person, firm, partnership or corporation, either public or private, for

the purpose of causing any project to be managed.

(15) To provide advisory, consultative, training and educational

services, technical assistance and advice to any person, firm,

partnership or corporation, either public or private, in order to carry

out the purposes of this act.

(16) To lend or donate monies, whether secured or unsecured, to any

subsidiary corporation, and to purchase, sell or pledge the shares,

bonds or other obligations or securities thereof, on such terms and

conditions as the corporation may deem advisable.

(17) To make mortgage loans, secured by a first mortgage lien,

including temporary loans or advances, to any subsidiary corporation

which is a housing company, and to undertake commitments therefor. Any

such commitment, mortgage or bonds or notes secured thereby may contain

such terms and conditions not inconsistent with the provisions of this

act as the corporation may deem necessary or desirable to secure

repayment of its loan, the interest, if any, thereon and other charges

in connection therewith.

(18) Subject to the provisions of any contract with noteholders or

bondholders to consent to the modification, with respect to rate of

interest, time of payments of any installment of principal or interest,

security, or any other term, of any mortgage, mortgage loan, mortgage

loan commitment, contract or agreement of any kind to which the

corporation is a party.

(19) In connection with any property on which it has made a mortgage

loan, to foreclose on any such property or commence any action to

protect or enforce any right conferred upon it by any law, mortgage,

contract or other agreement, and to bid for and purchase such property

at any foreclosure or at any other sale, or acquire or take possession

of any such property; and in such event the corporation may complete,

administer, pay the principal of and interest on any obligations

incurred in connection with such property, dispose of, and otherwise

deal with such property, in such manner as may be necessary or desirable

to protect the interests of the corporation therein.

(20) To borrow money and to issue its negotiable bonds and notes and

to provide for the rights of the holders thereof.

(21) As security for the payment of the principal of and interest on

any bonds so issued and any agreements made in connection therewith, to

mortgage and pledge any or all of its projects, whether then owned or

thereafter acquired, and to pledge the revenues and receipts therefrom

or from any thereof, and to assign or pledge the lease or leases on any

portion or all of said projects and to assign or pledge the income

received by virtue of said lease or leases.

(22) To invest any funds of the corporation including funds held in

reserve or sinking funds, or any monies (including proceeds from the

sale of any bonds or notes of the corporation) not required for

immediate use or disbursement, at the discretion of the corporation, in

(a) obligations of the state or of the United States government, (b)

obligations the principal and interest of which are guaranteed by the

state or the United States government, (c) obligations of agencies and

instrumentalities of the state or of the United States, or (d)

certificates of deposit of banks or trust companies in this state,

secured by obligations described in clauses (a), (b) or (c) of this

subdivision.

(23) To procure insurance against any loss in connection with its

property and other assets and operations in such amounts and from such

insurers as it deems desirable.

(24) To engage the services of consultants on a contract basis for

rendering professional and technical assistance and advice.

(25) To contract for and to accept any gifts or grants or loans of

funds or property or financial or other aid in any form from the federal

government or any agency or instrumentality thereof, or from the state

or any agency or instrumentality thereof, or from any other source and

to comply, subject to the provisions of this act, with the terms and

conditions thereof.

* (26) To make loans, whether secured or unsecured, in connection with

the corporation's participation in a project (as defined in this act),

to any person or entity, whether public or private, and to issue

commitments for such loans, provided that such loans and commitments are

made or issued in compliance with guidelines established by the board of

directors of the corporation; to provide for the repayment of such loans

on terms and conditions that the directors of the corporation deem

advisable and to receive and hold real property or personal property as

security for the repayment of such loans.

* NB Repealed July 1, 2027

(27) To use a portion of appropriated funds generally designated as

high risk targeted investment funds to establish a loan fund to be used

to make loans to business enterprises located within empire zones

designated pursuant to article eighteen-B of the general municipal law.

(28) To do any and all things necessary or convenient to carry out its

purposes and exercise the powers given and granted in this act.

(29) Subject to any agreement with noteholders or bondholders, to

enter into agreements to pay annual sums in lieu of taxes to any

municipality or political subdivision of the state, in respect of any

real property which is owned by the corporation or any subsidiary

thereof and is located in such municipality or political subdivision.

(30) To provide priority assistance to projects involving industry

clusters. The term "industry cluster" shall mean a geographic

concentration of competitive firms or establishments in the same

industry that either have close buy-sell relationships with other

industries in the region, use common technologies, or share a

specialized labor pool that provides firms with a competitive advantage

over the same industry in other places.