§ 1493-F — Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

§ 1493-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 resolution or resolutions of the common council or by\ninstruments authorized by such resolutions, convey, with or without\nconsideration, and upon appropriate conditions as to outstanding city\nbonds appertaining thereto, to the authority real and personal property\nowned by the city for use by the authority as a project or projects or a\npart thereof. In case of real property so conveyed, the title thereto\nshall remain in the city but the authority shall have the use and\noccupancy thereof for so long as its corporate existence shall continue.\nIn the case of personal property so conveyed, the title shall pass to\nthe 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 may not be closed without the consent of the state commissioner of\ntransportation.\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 common council may authorize\nsuch 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 common council may determine, and the\npayments required to be made by the city may be made and financed\nnotwithstanding that no provisions therefor shall have first been made\nin the annual appropriations 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 annual appropriation\nof the city thereafter made, if and to the extent that they may\nappropriately be included therein.\n 4. The authority may, subject to the approval of the common council of\nthe city of Albany, itself acquire real property for a project in the\nname of the city at the cost and expense of the authority by gift,\npurchase, or condemnation pursuant to the eminent domain procedure law\nor pursuant to the laws relating to the condemnation of land by the\ncity. The authority shall have the use and occupancy of such real\nproperty so long as its corporate 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 property was acquired at the cost and expense of the city,\nthe authority shall have the 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 the 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