2010 New York Code
EDN - Education
Title 1 - GENERAL PROVISIONS
Article 10 - (450 - 471) NEW YORK CITY EDUCATIONAL CONSTRUCTION FUND
456 - Special provisions relating to acquisition and transfer of real property.

§ 456. Special provisions relating to acquisition and transfer of real
  property.    Notwithstanding  any  contrary  provisions  of any general,
  special or local law, charter or ordinance:
    1. Provided that the trustees of the fund shall have formally approved
  by a two-thirds vote the acquisition  of  such  real  property  for  the
  development  of  one  or  more combined occupancy structures, any public
  corporation or officer responsible for the acquisition of real  property
  for school purposes in the city of New York is hereby authorized for and
  on  behalf  and  in  the  name  of  the city of New York, to execute and
  deliver to the fund, on such terms and for such consideration,  if  any,
  as may be determined by such public corporation or officer and the fund,
  but  not  to  exceed  the  cost  of  acquisition thereof and the cost of
  improvements thereon, or lease for  a  term  not  exceeding  ninety-nine
  years,  a  quitclaim  deed  conveying  to  the fund all right, title and
  interest of such public corporation and of the city of New York, in  and
  to  any  of the lands acquired by such public corporation or officer for
  school purposes, and in and to any of the improvements thereon, for  the
  purpose  of  constructing,  reconstructing,  rehabilitating or improving
  thereon one or more  combined  occupancy  structures  pursuant  to  this
  article  for  subsequent lease or sublease of the school portion of such
  combined occupancy structures to such public corporation or officer,  in
  accordance  with  the  terms  of  an  agreement  entered into among them
  pursuant to this article. The fund is hereby authorized to  accept  such
  lease or conveyance; to lease, sublease or otherwise transfer or convey,
  such  lands  and  improvements  and  all or any part of the buildings or
  structures  constructed,  reconstructed,   rehabilitated   or   improved
  thereon,  to  third parties and to such public corporation or officer in
  accordance with the provisions of this article, and  to  hold  the  same
  subject  to  the  terms of any such lease, conveyance, sublease or other
  agreement; and such public corporation or officer is  hereby  authorized
  to lease or sublease from the fund any such lands or improvements or the
  school   portion  of  any  combined  occupancy  structure,  constructed,
  reconstructed,  rehabilitated  or  improved  thereon  pursuant  to  this
  article   or   other   provisions  of  law,  and  to  hold  such  lands,
  improvements,  buildings  and  school  portions  of  combined  occupancy
  structures  subject  to  the  terms of any such lease, sublease or other
  agreement.
    2. In the event that the fund shall fail, within five years  from  the
  date  of a lease or conveyance authorized pursuant to subdivision one of
  this section, to construct, reconstruct,  rehabilitate  or  improve  the
  buildings  or  structures  thereon for which the conveyance was made, as
  provided for in a lease, sublease or other agreement entered  into  with
  such  public corporation or officer, or in the event that such buildings
  or structures shall cease to be used for the purposes intended, then and
  in either event but subject to the terms of any lease, sublease or other
  agreement undertaken by the fund, such lands, and the  improvements  and
  buildings  or  structures  thereon, shall revert to the city of New York
  with right of re-entry thereupon, and such lease or deed shall  be  made
  subject  to  such  conditions;  provided,  however,  that as a condition
  precedent to the exercise of such right of  re-entry  the  city  of  New
  York,  or  such  public corporation or officer, shall pay to the fund an
  amount equal to the purchase price of such lands and  improvements,  the
  depreciated   cost   of   any   buildings   or  structures  constructed,
  reconstructed, rehabilitated or improved thereon, and all other costs of
  the fund incident to the acquisition of such lands and the financing  of
  construction,  reconstruction, rehabilitation or improvement relating to
  such buildings or structures, all as provided in  the  aforesaid  lease,

sublease or other agreement entered into with such public corporation or
  officer.