2015 New York Laws
PVH - Private Housing Finance
Article 6 - (Private Housing Finance) URBAN REDEVELOPMENT CORPORATIONS
219 - Sale or lease of real property by a city to a redevelopment corporation.

  219.  Sale  or  lease of real property by a city to a redevelopment
  corporation. 1. The local legislative body, or if there is  a  board  of
  estimate  in  the  city,  then  the board of estimate, may by resolution
  determine that real property, title  to  which  is  held  by  the  city,
  specified  and  described in such resolution, is not required for use by
  the city and may authorize the city to sell or lease such real  property
  to a redevelopment corporation; provided, however, that the title of the
  city to such real property be not declared inalienable by charter of the
  city, or other similar law or instrument.
2. Notwithstanding the provisions of any general, special or local law
  or  ordinance,  such sale or lease may be made without appraisal, public
  notice or public bidding for such price or rental and  upon  such  terms
  (and, in case of a lease, for such term not exceeding fifty years with a
  right to one renewal term of thirty years) as may be agreed upon between
  the city and the redevelopment corporation.
3.  Before  any  sale or lease to a redevelopment corporation shall be
  authorized, a public hearing shall be  held  by  the  local  legislative
  body,  or  by the board of estimate, as the case may be, to consider the
  proposed sale or lease.
4. Notice of such hearing shall be published at least ten days  before
  the  date  set for the hearing in such publication and in such manner as
  may be designated by  the  local  legislative  body,  or  the  board  of
  estimate, as the case may be.
5.  The  deed  or lease of such real property shall be executed in the
  same manner as a deed or lease by the city of other real property  owned
  by  it  and  may contain appropriate conditions and provisions to enable
  the city to reenter the real property in the event of a violation by the
  redevelopment corporation of any  of  the  provisions  of  this  article
  relating  to  such  redevelopment  corporation  or  of the conditions or
  provisions of such deed or lease.
6. A redevelopment corporation purchasing  or  leasing  real  property
  from  a  city  shall  not, without the written approval of the city, use
  such real property  for  any  purpose  except  in  connection  with  its
  development.  The  deed shall contain a condition that the redevelopment
  corporation will devote the real property granted only for the  purposes
  of  its  development  subject  to  the restrictions of this article, for
  breach of which the city shall have the right to reenter  and  repossess
  itself of the real property.