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

§ 480. Special provisions relating to acquisition and transfer of real\nproperty. Notwithstanding any contrary provisions of any general,\nspecial or local law, charter or ordinance: 1. Provided that the\ntrustees of the fund shall have formally approved by a two-thirds vote\nthe acquisition of such real property for the development of one or more\ncombined occupancy structures, any public corporation or officer\nresponsible for the acquisition of real property for school purposes in\nthe city of Yonkers is hereby authorized for and on behalf and in the\nname of the city of Yonkers, to execute and deliver to the fund, on such\nterms and for such consideration, if any, as may be determined by such\npublic corporation or officer and the fund, but not to exceed the cost\nof acquisition thereof and the cost of improvements thereon, a lease for\na term not exceeding ninety-nine years, or a quitclaim deed conveying to\nthe fund all right, title and interest of such public corporation and of\nthe city of Yonkers in and to any of the lands acquired by such public\ncorporation or officer for school purposes, and in and to any of the\nimprovements thereon, for the purpose of constructing, reconstructing,\nrehabilitating or improving thereon one or more combined occupancy\nstructures pursuant to this article for subsequent lease or sublease of\nthe school portion of such combined occupancy structures to such public\ncorporation or officer, in accordance with the terms of an agreement\nentered into among them pursuant to this article. The fund is hereby\nauthorized to accept such lease or conveyance; to lease, sublease or\notherwise transfer or convey, such lands and improvements and all or any\npart of the buildings or structures constructed, reconstructed,\nrehabilitated or improved thereon, to third parties and to such public\ncorporation or officer in accordance with the provisions of this\narticle, and to hold the same subject to the terms of any such lease,\nconveyance, sublease or other agreement; and such public corporation or\nofficer is hereby authorized to lease or sublease from the fund any such\nlands or improvements or the school portion of any combined occupancy\nstructure, constructed, reconstructed, rehabilitated or improved thereon\npursuant to this article or other provisions of law, and to hold such\nlands, improvements, 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 Yonkers\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 Yonkers,\nor such public corporation or officer, shall pay to the fund an amount\nequal 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