§ 1475-F — Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

§ 1475-f. Conveyance of property by the city to the authority;\nacquisition of property by the city or by the authority. 1. The city\nmay, by ordinance or ordinances, local law or local laws or by\ninstruments authorized by such ordinance or ordinances, local law or\nlocal laws, convey, with or without consideration, and upon appropriate\nconditions as to outstanding city bonds appertaining to the authority\nreal and personal property owned by the city for use by the authority as\na project or projects or a part thereof. In case of real property so\nconveyed, the title thereto shall remain in the city but the authority\nshall have the use and occupancy thereof for so long as its corporate\nexistence shall continue. In the case of personal property so conveyed,\nthe title shall pass to the authority.\n 2. The city may acquire in the name of the city by purchase or\ncondemnation real property in the city for any of the projects or for\nthe widening of existing roads, streets, avenues or highways or for new\nroads, streets, avenues or highways within a radius of one mile to any\nof the projects, or partly for such purposes and partly for other city\npurposes, by purchase or condemnation in the manner provided by law for\nthe acquisition of real property by the city. For like purposes, the\ncity may close such streets, roads, avenues, or highways as may be\nnecessary or convenient, except as to state highways and arterial ways\nwhich shall not be closed without the consent of the state commissioner\nof transportation.\n 3. Contracts may be entered into between the city and the authority\nproviding for the property to be conveyed by the city to the authority,\nthe additional property to be acquired by the city and so conveyed, the\nstreets, roads, avenues, and highways to be closed by the city and the\namounts, terms and conditions of payment to be made by the authority.\nSuch contracts may also contain covenants by the city as to the road,\nstreet, avenue and highway improvements to be made by the city. Any such\ncontracts between the city and the authority may be pledged by the\nauthority to secure its bonds and may not be modified thereafter except\nas provided by the terms of the pledge. The city common council may\nauthorize such contracts between the city and the authority and no other\nauthorization on the part of the city for such contracts shall be\nnecessary. Any such contracts may be so authorized and entered into by\nthe city and in such manner as the city common council may determine,\nand the payments required to be made by the city may be made and\nfinanced notwithstanding that no provision therefor shall have first\nbeen made in the capital budget of the city. All contractual or other\nobligations of the city incurred in carrying out the provisions of this\ntitle shall be included in and provided for by each capital budget of\nthe city thereafter made, if and to the extent that they may\nappropriately be included therein.\n 4. The authority may itself acquire real property for a project in the\nname of the city at the cost and expense of the authority by purchase or\ncondemnation pursuant to the eminent domain procedure law or pursuant to\nthe laws relating to the condemnation of land by the city. The authority\nshall have the use and occupancy of such real property so long as its\ncorporate existence shall continue.\n 5. In case the authority shall have the use and occupancy of any real\nproperty which it shall determine is no longer required for a project\nthen, if such real property was acquired at the cost and expense of the\ncity, the authority shall have power to surrender its use and occupancy\nthereof to the city, or, if such real property was acquired at the cost\nand expense of the authority, then the authority shall have power to\nsell, lease or otherwise dispose of said real property at public or\nprivate sale, and shall retain and have the power to use the proceeds of\nsale, rentals or other moneys derived from the disposition thereof for\nits purposes.\n