§ 7 — Conveyance of property by the city to the corporation; acquisition of property by the city

§ 7. Conveyance of property by the city to the corporation;\nacquisition of property by the city. 1. The city, acting by the board of\nestimate thereof, may, by deed, lease or other instrument convey, lease\nor otherwise dispose of any real or personal property or any interest\ntherein owned or held by the city, without public letting or auction, to\nthe corporation for its corporate purposes, for so long as it shall be\nin existence notwithstanding the provisions of any law respecting the\ninalienability of real property by the city, and such conveyance may\nreserve to the city such rights as shall not restrict the corporation in\ncarrying out its corporate purposes.\n 2. The city may acquire, in the name of the city, by purchase or\ncondemnation in the manner provided by law for the acquisition of real\nproperty by the city, real property in the city for the purposes of the\ncorporation or for the widening of existing roads, streets, avenues or\nhighways or for new roads, streets, avenues or highways connecting with\na health facility constructed or otherwise acquired by the corporation,\nor partly for such purposes and partly for other city purposes. For said\npurposes, the city may close roads, streets, avenues or highways as may\nbe necessary; provided, however, that no state highway or way shall be\nclosed without the consent of the state commissioner of transportation.\n 3. Subject to the approval of the board of estimate of the city,\ncontracts may be entered into between the corporation and the city\nproviding for the property to be acquired by the city and so conveyed,\nthe roads, streets, avenues, or highways to be closed by the city, and\nthe amounts, terms and conditions of payments, if any, to be made by the\ncorporation. Any such contract between the city and the corporation may\nbe pledged by the corporation to secure its bonds, notes or other\nobligations and may not be modified thereafter except as provided by the\nterms of the pledge.\n 4. If the corporation determines that the use and occupancy of any\nreal property is no longer required for its corporate purposes and\npowers, then if such real property was acquired at the cost and expense\nof the city, the corporation shall, subject to the provisions of section\nfive, paragraph six, have power to surrender its use and occupancy to\nthe city. The corporation shall, subject to the provisions of section\nfive, paragraph six, have power to sell, lease or otherwise dispose of\nsaid real property at public or private sale or as part of a contract,\nlease or other agreement entered into under the terms of this act and to\nuse the proceeds derived from the sale, lease or other disposition\nthereof for its corporate purposes.\n