2019 New York Laws
GMU - General Municipal
Article 18-C - Municipal Redevelopment Law
970-L - Property Disposition, Rehabilitation and Development.

§  970-l.  Property disposition, rehabilitation and development. (a) A
municipality in order to implement a redevelopment plan adopted  by  the
legislative  body,  may  for  purposes  of  redevelopment,  sell, lease,
exchange, subdivide, transfer, assign,  pledge,  encumber  by  mortgage,
deed of trust or otherwise, or otherwise dispose of any real or personal
property  or  any  interest  in  property. Any lease or sale may be made
without public bidding but only after a public hearing, notice of  which
shall  be  given  by  publication  for not less than once a week for two
weeks prior to  the  hearing  in  a  newspaper  of  general  circulation
published  in  the  county  in  which the land lies. Except as otherwise
provided by this article the municipality shall lease or sell  all  real
property acquired by it in any project area, except property conveyed by
it to a municipality, school district or improvement district for public
purposes  as provided by the redevelopment plan. Each such lease or sale
shall be conditioned on the redevelopment and use  of  the  property  in
conformity with the redevelopment plan.
  (b)  The  municipality  may obligate lessees or purchasers of property
acquired in a redevelopment project to use the property for the  purpose
designated  in  the  redevelopment  plan, begin the redevelopment of the
project area  within  a  period  of  time  which  the  agency  fixes  as
reasonable  and  comply  with  other  conditions  which the agency deems
necessary to carry out the purposes of this  article.  The  municipality
may  provide  in  the  contract  that  any  of  the  obligations  of the
purchasers are covenants or conditions running with the land, the breach
of which shall cause the ownership to revert to the agency.
  (c) The municipality may sell, lease, grant, or donate  real  property
owned  or  acquired by it in a project area for the purpose of providing
housing for low or moderate income individuals or families.
  (d) Property acquired  by  the  municipality  for  rehabilitation  and
resale  shall  be offered for resale within one year after completion of
rehabilitation, or in the event that such property has not been  offered
for  resale  within  one year an annual report shall be published by the
agency  in  a  newspaper  of  general  circulation  published   in   the
municipality  listing  any  rehabilitated property held by the agency in
excess of such  one-year  period,  stating  the  reasons  such  property
remains unsold and indicating plans for its disposition.
  (e)  The term of lease by the agency of real property shall not exceed
ninety-nine years.