§ 1500-E — Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

§ 1500-e. 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 covered project or\ncovered 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 covered projects\nor for the widening of existing roads, streets, avenues or highways, or\nfor new roads, streets, avenues or highways within a radius of one mile\nto any of the covered projects, or partly for such purposes and partly\nfor other city purposes, by purchase or condemnation in the manner\nprovided by law for the acquisition of real property by the city. For\nlike purposes, the city may close such streets, roads, avenues, or\nhighways as may be necessary or convenient, except as to state highways\nand arterial ways which shall not be closed without the consent of the\nNew York state commissioner of transportation.\n 3. Subject to the approval of the common council, contracts may be\nentered into between the city and the authority providing for the\nproperty to be conveyed by the city to the authority, the additional\nproperty to be acquired by the city and so conveyed, the streets, roads,\navenues, and highways to be closed by the city and the amounts, terms\nand conditions of payment to be made by the authority. Such contracts\nmay also contain covenants by the city as to the road, street, avenue\nand highway improvements to be made by the city. Any such contracts\nbetween the city and the authority may be pledged by the authority to\nsecure its bonds and may not be modified thereafter except as provided\nby the terms of the pledge. The common council may authorize such\ncontracts between the city and the authority and no other authorization\non the part of the city for such contracts shall be necessary. Any such\ncontracts may be so authorized and entered into by the city and in such\nmanner as the common council may determine, and the payments required to\nbe made by the city may be made and financed notwithstanding that no\nprovisions therefor shall have first been made in the annual\nappropriations of the city. All contractual or other obligations of the\ncity incurred in carrying out the provisions of this title shall be\nincluded in and provided for by each annual appropriation of the city\nthereafter made, if and to the extent that they may appropriately be\nincluded therein.\n 4. The authority may, subject to the approval of the common council of\nthe city, itself acquire real property for a covered project in the name\nof the city at the cost and expense of the authority by purchase. The\nauthority shall have the use and occupancy of such real property so long\nas 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 covered\nproject then, if such property was acquired at the cost and expense of\nthe city, the authority shall have the power to surrender its use and\noccupancy thereof to the city, or, if such real property was acquired at\nthe cost and expense of the authority, then the authority shall have the\npower to sell, lease or otherwise dispose of said real property at\npublic or private sale, subject to applicable provisions of law, and\nshall retain and have the power to use the proceeds of sale, rentals, or\nother moneys derived from the disposition thereof for its purposes.\n