N.Y. Urban Development Corporation Act 174/68 § 6-a: Sale or lease of infrastructure projects

* § 6-a. Sale or lease of infrastructure projects. (1) Notwithstanding

the provisions of any general, special or local law, subject to any

agreement with noteholders or bondholders, the corporation may sell or

lease any infrastructure project, without public bidding or public sale,

for such price or rental and upon such terms as may be agreed upon

between the corporation and such purchaser or lessee, either prior to,

at the date of, or subsequent to the completion of the project by the

corporation, provided, however, that in the case of a lease, the term

thereof shall not exceed ninety-nine years. Where such contract for sale

or lease is entered into after the commencement of construction and

prior to the physical completion of the improvement to be conveyed or

leased, the corporation may complete the construction and development of

such improvement prior to the actual conveyance or lease.

(2) Except with respect to projects sold or leased to the state or any

agency or instrumentality thereof, to any municipality or agency or

instrumentality thereof, or to any public corporation, before any sale

or lease of all or a substantial part of a project as authorized by

subdivision one of this section is consummated, there shall be 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, the price or rental to

be paid, 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 such hearing shall be held in

accordance with such notice.

(3) The responsibilities of the corporation in connection with the

implementation of this section may include requesting and receiving

title to real property from the commissioner of general services

pursuant to section thirteen-a of this act. Such transfers shall be on

such terms as the commissioner of general services and the chairman of

the corporation shall determine, and shall, subject to any agreement

with noteholders and bondholders, include a reversionary interest to the

state and the terms on which the property may subsequently be

transferred.

* NB Not implemented due to defeat of the Jobs for the new, New York

bond act in November, 1992