§ 556 — Disposition of property

§ 556. Disposition of property. 1. An agency may sell, lease for a\nterm not exceeding ninety-nine years, or otherwise dispose of any real\nproperty and appurtenances thereto or any interest therein acquired by\nit pursuant to section five hundred fifty-five of this article, to any\nperson, firm or corporation at the highest marketable price or rental at\npublic auction or by sealed bids.\n 2. Notwithstanding the provisions of subdivision one of this section,\nsuch real property and appurtenances thereto may be sold, leased for a\nterm of not exceeding ninety-nine years or otherwise disposed of for the\neffectuation of any of the purposes of an urban renewal program in\naccordance with the urban renewal plan pursuant to the provisions of\nsubdivision two of section five hundred seven of article fifteen of this\nchapter.\n 3. Any deed, lease or instrument by which real property and\nappurtenances thereto, or air rights and concomitant easements or other\nrights of user necessary for the use and development of such air rights\nover streets, alleys, highways or other public rights of way, railway or\nsubway tracks, bridge or tunnel approaches or entrances, or other\nsimilar facilities, or air rights sites and necessary sitework, the\nfoundations and platforms constructed or to be constructed in connection\ntherewith, or any interest therein is conveyed or disposed of pursuant\nto this section shall contain provisions requiring the purchaser, lessee\nor grantee to replan, clear, rehabilitate, restore, renew, conserve,\nimprove, reconstruct or redevelop such property in accordance with the\nurban renewal plan, as approved by the governing body, and within a\ndefinite and reasonable period of time, subject to the terms of the\ncontract relating thereto between the agency and the sponsor and\nprovisions insuring the use of such real property for purposes\nconsistent with such urban renewal plan.\n 4. Notwithstanding anything to the contrary in this article or article\nfifteen of this chapter and notwithstanding any provision of any\ngeneral, special or local law, such real property and appurtenances\nthereto may be sold, leased for a term not exceeding ninety-nine years,\nexchanged with or otherwise disposed of, for the effectuation of any of\nthe purposes of the urban renewal program in accordance with the urban\nrenewal plan, to any municipal corporation, school district, fire\ndistrict, housing authority, the state of New York, or the government of\nthe United States and any agency or department thereof, for a valuable\nconsideration and upon such terms and conditions as shall be approved by\nthe governing body of the municipality, without public auction or sealed\nbids or public notice.\n