N.Y. Urban Development Corporation Act 174/68 § 9: Sale or lease of civic projects

§ 9. Sale or lease of civic projects. (1) Subject to any agreement

with noteholders or bondholders, the corporation may sell or lease for a

term not exceeding ninety-nine years any civic project to the state or

any agency or instrumentality thereof, to any municipality or agency or

instrumentality thereof, to any public corporation, or to any other

entity which is carrying out a community, municipal, public service or

other civic purpose.

(2) Any such sale or lease pursuant to subdivision one of this section

may be made without public bidding, public sale or public notice, upon

such terms and conditions as the corporation, within its discretion, may

determine to be necessary or desirable. The corporation may enter into a

contract for a sale or lease as authorized by subdivision one of this

section either prior to, at the date of, or subsequent to the completion

of the project by the corporation. 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 sold or leased, the

corporation may complete the construction and development of such

improvement prior to the actual conveyance or lease.