2006 New York Code - Municipal redevelopment projects; allocation of real property taxes therefor.

 
    §  6.  Notwithstanding  any  provision of this or any other article of
  this constitution to the contrary, the legislature may by law  authorize
  a county, city, town or village, or combination thereof acting together,
  to  undertake  the  development  of  public  improvements  or  services,
  including the acquisition of land, for the purpose of  redevelopment  of
  economically  unproductive,  blighted  or  deteriorated  areas  and,  in
  furtherance thereof, to contract  indebtedness.  Any  such  indebtedness
  shall  be  contracted  by  any  such  county,  city, town or village, or
  combination thereof acting together, without the pledge of its faith and
  credit, or the faith and credit of the state, for  the  payment  of  the
  principal thereof and the interest thereon, and such indebtedness may be
  paid  without  restriction as to the amount or relative amount of annual
  installments. The amount  of  any  indebtedness  contracted  under  this
  section  may be excluded in ascertaining the power of such county, city,
  town or village to contract indebtedness within the provisions  of  this
  constitution  relating  thereto.  Any  county,  city,  town  or  village
  contracting indebtedness pursuant to this section for  redevelopment  of
  an economically unproductive, blighted or deteriorated area shall pledge
  to  the  payment  thereof that portion of the taxes raised by it on real
  estate in such area which, in any year, is attributed to the increase in
  value of taxable real estate  resulting  from  such  redevelopment.  The
  legislature  may further authorize any county, city, town or village, or
  combination thereof acting together, to carry out the powers and  duties
  conferred  by  this  section  by  means  of a public corporation created
  therefor.