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

 
    §  1596-f.  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,  except  as  to
  state highways and arterial highways which may not be closed without the
  consent of the state commissioner of transportation.
    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  common
  council  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 common council 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,  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.