N.Y. Urban Development Corporation Act 174/68 § 6: Sale or lease of land use improvement projects

§ 6. Sale or lease of land use improvement projects. (1) The

corporation may sell or lease for a term not exceeding ninety-nine years

all or any portion of the real or personal property constituting a land

use improvement project to any person, firm, partnership or corporation,

either public or private, upon such terms and conditions as may be

approved by the corporation, whenever the corporation shall find that

such sale or lease is in conformity with a plan or undertaking for the

clearance, replanning, reconstruction or rehabilitation of sub-standard

and insanitary areas in the municipality in which the project is

located. Such sale or lease may be made:

(a) to any housing company, without public bidding, public sale or

public notice;

(b) to any local development corporation, without public bidding,

public sale or public notice;

(c) to any other person, firm, partnership or corporation, without

public bidding or public sale, provided there is published in at least

one newspaper of general circulation in the municipality in which the

project is located a notice which shall include a statement of the

identity of the proposed purchaser or lessee and of his proposed use or

reuse of the land use improvement project area or applicable portion

thereof, the price or rental to be paid by such purchaser or lessee, all

other essential conditions of such sale or lease, and a statement that a

public hearing upon such sale or lease will be held before the

corporation at a specified time and place on a date not less than ten

days after such publication, and provided further that such public

hearing is held in accordance with such notice.