2012 New York Consolidated Laws
ACA - Arts and Cultural Affairs
Title E - NEW YORK STATE CULTURAL RESOURCES ACT
Article 21 - (21.01 - 21.15) TRUST FOR CULTURAL RESOURCES OF THE CITY OF NEW YORK
21.13 - Special provisions relating to the financing and development of combined-use facilities or public television facilities.

 
    § 21.13. Special  provisions relating to the financing and development
  of  combined-use  facilities  or  public   television   facilities.   1.
  Notwithstanding  any  of the powers granted to the trust by this article
  or by article twenty of this title, the trust shall neither  convey  nor
  cause  to  be  conveyed any real property that is part of a combined-use
  facility unless the instrument  of  such  conveyance,  or  an  agreement
  relating  thereto,  contains  a  provision that no person other than the
  trust or a participating cultural institution may acquire,  directly  or
  indirectly,  an  interest in the institutional portion of a combined-use
  facility developed or designed to be developed for use or  occupancy  by
  such  institution,  at any time prior to the date on which all bonds and
  notes of the trust issued to finance construction of such  portion  have
  been fully paid, which interest would entitle such person to a deduction
  for  depreciation  with respect to such interest under the provisions of
  the United States internal revenue code of  1986,  as  amended,  or  any
  successor  federal tax or revenue act, if the development of any part of
  such portion has been financed in whole or in part  by  bonds  or  notes
  issued by the trust.
    2.  No  individual  who serves on the board of trustees, or equivalent
  body, of a participating cultural institution shall be a  developer  of,
  or   share   in  any  profits  arising  from  the  development  of,  the
  non-institutional  portion  of  a  combined-use  facility  developed  or
  designed  to  be  developed  for  use  or occupancy by such institution;
  provided that: (a) a person in which such  individual  has  a  financial
  interest  not exceeding five per centum of the equity of such person may
  be a developer of, and  may  share  in  any  profits  arising  from  the
  development  of,  such  non-institutional  portion,  if  such individual
  refrains from voting at  any  meeting  of  the  board  of  trustees,  or
  equivalent  body,  of  such  institution  on  any matter relating to the
  approval by the trust of such person as a developer of such portion  and
  the terms and conditions of any agreement relating thereto; (b) a person
  in which such individual has a financial interest may make a loan to the
  trust,  to  a developer or to any other person in the ordinary course of
  business  in  connection  with  such  development;  and  (c)  any   such
  individual  may  purchase or rent an apartment, or any interest therein,
  in such portion, for fair market value.
    3. No trustee of the trust and no person in which such trustee  has  a
  financial interest shall be a developer of the non-institutional portion
  of any combined-use facility.