2006 New York Code - Conveyance Of Property By The City To The Authority; Acquisition Of Property By The City Or By The Authority.

 
    §  1470-e.  Conveyance  of  property  by  the  city  to the authority;
  acquisition of property by the city or by the  authority.  1.  The  city
  may,   by  resolution  or  resolutions  of  the  common  council  or  by
  instruments authorized by such  resolutions,  convey,  with  or  without
  consideration,  to the authority real and personal property owned by the
  city for use by the authority  as  a  project  or  projects  or  a  part
  thereof.  In  case of real property so conveyed, the title thereto shall
  remain in the city but the authority shall have the  use  and  occupancy
  thereof  for  so  long as its corporate existence shall continue. In the
  case of personal property so conveyed,  the  title  shall  pass  to  the
  authority.
    2.  The  city may acquire by purchase or condemnation real property in
  the name of the city for any of the projects  or  for  the  widening  of
  existing roads, streets, parkways, avenues or highways or for new roads,
  streets, parkways, avenues or highways to any of the projects, or partly
  for  such  purposes  and  partly for other city purposes, by purchase or
  condemnation in the manner provided by law for the acquisition  of  real
  property  by the city. The city may close such streets, roads, parkways,
  avenues, or highways as may be necessary or convenient.
    3. Contracts may be entered into between the city  and  the  authority
  providing  for the property to be conveyed by the city to the authority,
  the additional property to be acquired by the city and so conveyed,  the
  streets, roads, parkways, avenues, and highways to be closed by the city
  and  the  amounts,  terms  and  conditions  of payment to be made by the
  authority. Such contracts may also contain covenants by the city  as  to
  the road, street, parkway, avenue and highway improvements to be made by
  the  city.  Any such contracts between the city and the authority may be
  pledged by the authority to secure its bonds and  may  not  be  modified
  thereafter  except as provided by the terms of the pledge. The authority
  may authorize such contracts between the city and the authority  and  no
  other  authorization on the part of the city for such contracts shall be
  necessary. Any such contracts may be so authorized and entered  into  by
  the  city  and  in  such  manner as the authority may determine, and the
  payments required to be made by  the  city  may  be  made  and  financed
  notwithstanding that no provision therefor shall have first been made in
  the  capital budget of the city. All contractual or other obligations of
  the city incurred in carrying out the provisions of this title shall  be
  included  in  and  provided  for  by  each  capital  budget  of the city
  thereafter made, if and to the extent that  they  may  appropriately  be
  included therein.
    4. The authority may itself acquire real property for a project in the
  name of the city at the cost and expense of the authority by purchase or
  condemnation  pursuant  to  the condemnation law or pursuant to the laws
  relating to the condemnation of land by the city.  The  authority  shall
  have  the  use  and  occupancy  of  such  real  property  so long as its
  corporate existence shall continue.
    5. In case the authority shall have the use and occupancy of any  real
  property  which  it  shall determine is no longer required for a project
  then, if such real property was acquired at the cost and expense of  the
  city,  the authority shall have power to surrender its use and occupancy
  thereof to the city, or, if such real property was acquired at the  cost
  and  expense  of  the  authority, then the authority shall have power to
  sell at public auction, lease or otherwise dispose of said real property
  and shall retain and have the power to use the proceeds of sale, rentals
  or other moneys derived from the disposition thereof for its purposes.