§ 484 — Lease and other agreements

§ 484. Lease and other agreements. 1. Any agreement entered into\nbetween the fund and the owner or developer of a proposed combined\noccupancy structure pursuant to section four hundred seventy-eight of\nthis chapter shall provide for (i) the construction, acquisition,\nreconstruction, rehabilitation or improvement of one or more combined\noccupancy structures, and the purchase or acquisition of the original\nfurnishings, equipment, machinery and apparatus to be used in the school\nportion of a combined occupancy structure upon completion of the work,\n(ii) the reconveyance, retransfer or leasing of all or any portion\nthereof and of the real property or interest therein related thereto,\nincluding real property originally acquired by the board of education in\nthe name of the city of Yonkers, upon the completion of construction,\nacquisition, reconstruction, rehabilitation or improvement upon such\nterms and conditions as may be agreed upon, (iii) the leasing or\nsubleasing of such combined occupancy structures and property, or\nseparately of the school and non-school portions thereof, by the fund\nupon completion for a term not exceeding ninety-nine years and upon such\nterms and conditions including annual rental as may be agreed upon, and\n(iv) the conveyance to the board of education in the name of the city of\nYonkers of title to the school portion of any such combined occupancy\nstructure at the expiration of the term of the lease, or any renewal or\nextension thereof, or upon earlier payment in full of the total amount\nspecified therein, without additional charge therefor. The board of\neducation shall approve any such agreement and shall be a party thereto.\n 2. a. Any lease, sublease or other agreement entered into between the\nfund and the owner or developer of a proposed combined occupancy\nstructure shall provide for payment to the fund of the fair market value\nof such easements, space rights, air rights or other fee or leasehold\ninterests as are to be held or retained by such owner or developer or\nhis successor in interest under the terms of such agreement.\n b. Whenever the easements, space rights, air rights or other fee or\nleasehold interests held or retained by such owner or developer, if\nother than the Yonkers city housing authority, and/or the non-school\nimprovements constructed or erected therein or thereon, shall be exempt\nfrom real property taxes pursuant to the provisions of section four\nhundred ninety-two of this article, such lease, sublease or other\nagreement shall also provide for the payment to the fund of annual or\nother periodic amounts equal to the amount of real property taxes that\nwould otherwise have been paid or payable with respect to such\neasements, space rights, air rights or other fee or leasehold interests,\nand with respect to the non-school improvements constructed or erected\ntherein or thereon, over the term of such lease, sublease or other\nagreement.\n c. (1) Notwithstanding the provisions of section fifty-two of the\npublic housing law, whenever the Yonkers city housing authority is such\nowner or developer, such lease, sublease or other agreement shall also\nprovide for the payment by such authority to the fund or the city of\nsuch amount, for any year or years, as payment in lieu of real property\ntaxes on the non-school portion constituting a project, as defined by\nthe public housing law, as may be agreed upon among the fund, the city\nand the authority, and as may be approved by the commissioner of the\nstate division of housing and community renewal if such project is a\nstate project as defined in the public housing law, and by the federal\ngovernment if such project is a federal project as defined in the public\nhousing law.\n (2) For any of the purposes of the public housing law, including,\nspecifically, section seventy-three thereof, and notwithstanding any\nother provision in the public housing law for establishing the amount of\ntaxes paid or payable with respect to a project for such year and the\nresulting amount of tax exemption, in computing the amount of tax\nexemption granted to such non-school portion constituting a project, as\ndefined by the public housing law, the amount of such payment in lieu of\ntaxes paid or payable with respect thereto for any year shall be deemed\nto be the amount of taxes paid or payable for such year.\n 3. Any lease, sublease or other agreement entered into between the\nfund and city of Yonkers or the board of education pursuant to section\nfour hundred fifty-four of this chapter shall provide for (i) the\nconstruction, acquisition, reconstruction, rehabilitation or improvement\nof one or more combined occupancy structures and (ii) the leasing or\nsubleasing of the school portion of such structures to the city or the\nboard at an annual cost or rental not in excess of the average annual\ncost or rental of comparable new public school facilities in the city of\nYonkers and for a term not exceeding ninety-nine years, and upon such\nother terms and conditions as may be agreed upon.\n 4. Every lease, sublease or other agreement executed pursuant to this\narticle shall be subject to the approval of the commissioner of finance\nwith respect to all rentals or other payments to be made thereunder by\nthe city of Yonkers, the board of education or by the owner or developer\nof a combined occupancy structure and shall contain a clause that any\nagreement of the city of Yonkers thereunder shall be deemed executory to\nthe extent of the moneys available to the city therefor and no liability\non account thereof shall be incurred by the city beyond the moneys\navailable for the purpose thereof.\n