§ 456 — Special provisions relating to acquisition and transfer of real property

§ 456. Special provisions relating to acquisition and transfer of real\nproperty. Notwithstanding any contrary provisions of any general,\nspecial or local law, charter or ordinance:\n 1. Provided that the trustees of the fund shall have formally approved\nby a two-thirds vote the acquisition of such real property for the\ndevelopment of one or more combined occupancy structures, any public\ncorporation or officer responsible for the acquisition of real property\nfor school purposes in the city of New York is hereby authorized for and\non behalf and in the name of the city of New York, to execute and\ndeliver to the fund, on such terms and for such consideration, if any,\nas may be determined by such public corporation or officer and the fund,\nbut not to exceed the cost of acquisition thereof and the cost of\nimprovements thereon, or lease for a term not exceeding ninety-nine\nyears, a quitclaim deed conveying to the fund all right, title and\ninterest of such public corporation and of the city of New York, in and\nto any of the lands acquired by such public corporation or officer for\nschool purposes, and in and to any of the improvements thereon, for the\npurpose of constructing, reconstructing, rehabilitating or improving\nthereon one or more combined occupancy structures pursuant to this\narticle for subsequent lease or sublease of the school portion of such\ncombined occupancy structures to such public corporation or officer, in\naccordance with the terms of an agreement entered into among them\npursuant to this article. The fund is hereby authorized to accept such\nlease or conveyance; to lease, sublease or otherwise transfer or convey,\nsuch lands and improvements and all or any part of the buildings or\nstructures constructed, reconstructed, rehabilitated or improved\nthereon, to third parties and to such public corporation or officer in\naccordance with the provisions of this article, and to hold the same\nsubject to the terms of any such lease, conveyance, sublease or other\nagreement; and such public corporation or officer is hereby authorized\nto lease or sublease from the fund any such lands or improvements or the\nschool portion of any combined occupancy structure, constructed,\nreconstructed, rehabilitated or improved thereon pursuant to this\narticle or other provisions of law, and to hold such lands,\nimprovements, buildings and school portions of combined occupancy\nstructures subject to the terms of any such lease, sublease or other\nagreement.\n 2. In the event that the fund shall fail, within five years from the\ndate of a lease or conveyance authorized pursuant to subdivision one of\nthis section, to construct, reconstruct, rehabilitate or improve the\nbuildings or structures thereon for which the conveyance was made, as\nprovided for in a lease, sublease or other agreement entered into with\nsuch public corporation or officer, or in the event that such buildings\nor structures shall cease to be used for the purposes intended, then and\nin either event but subject to the terms of any lease, sublease or other\nagreement undertaken by the fund, such lands, and the improvements and\nbuildings or structures thereon, shall revert to the city of New York\nwith right of re-entry thereupon, and such lease or deed shall be made\nsubject to such conditions; provided, however, that as a condition\nprecedent to the exercise of such right of re-entry the city of New\nYork, or such public corporation or officer, shall pay to the fund an\namount equal to the purchase price of such lands and improvements, the\ndepreciated cost of any buildings or structures constructed,\nreconstructed, rehabilitated or improved thereon, and all other costs of\nthe fund incident to the acquisition of such lands and the financing of\nconstruction, reconstruction, rehabilitation or improvement relating to\nsuch buildings or structures, all as provided in the aforesaid lease,\nsublease or other agreement entered into with such public corporation or\nofficer.\n