§ 1570-E — Conveyance of property by the village to the authority; acquisition of property by the village or by the authority

§ 1570-e. Conveyance of property by the village to the authority;\nacquisition of property by the village or by the authority. 1. The\nvillage may, by resolution or resolutions of the board of trustees of\nthe village or by instruments authorized by such resolutions, convey,\nwith or without consideration, and upon appropriate conditions as to\noutstanding village bonds appertaining thereto, to the authority real\nand personal property owned by the village for use by the authority as a\nproject or projects or a part thereof. In case of real property so\nconveyed, the title thereto shall remain in the village but the\nauthority shall have the use and occupancy thereof for so long as its\ncorporate existence shall continue. In the case of personal property so\nconveyed, the title shall pass to the authority.\n 2. The village may acquire in the name of the village by purchase or\ncondemnation real property in the village 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\nvillage purposes, by purchase or condemnation in the manner provided by\nlaw for the acquisition of real property by the village. For like\npurposes, the village may close such streets, roads, avenues or highways\nas may be necessary or convenient, except as to state highways and\narterial ways which shall not be closed without the consent of the\ncommissioner of transportation.\n 3. Contracts may be entered into between the village and the authority\nproviding for the property to be conveyed by the village to the\nauthority, the additional property to be acquired by the village and so\nconveyed, the streets, roads, avenues and highways to be closed by the\nvillage, and the amounts, terms and conditions of payment to be made by\nthe authority. Such contracts may also contain covenants by the village\nas to the road, street, avenue and highway improvements to be made by\nthe village. Any such contracts between the village and the authority\nmay be pledged by the authority to secure its bonds and shall not be\nmodified thereafter except as provided by the terms of the pledge. The\nboard of trustees of the village may authorize such contracts between\nthe village and the authority and no other authorization on the part of\nthe village for such contracts shall be necessary. Any such contracts\nmay be so authorized and entered into by the village and in such manner\nas the board of trustees of the village may determine, and the payments\nrequired to be made by the village may be made and financed\nnotwithstanding that no provisions therefor shall have first been made\nin the capital budget of the village. All contractual or other\nobligations of the village incurred in carrying out the provision of\nthis title shall be included in and provided for by each capital budget\nof the village 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 village at the cost and expense of the authority by purchase\nor condemnation pursuant to the eminent domain procedure law or pursuant\nto the laws relating to the condemnation of land by the village. 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 project\nthen, if such property was acquired at the cost and expense of the\nvillage, the authority shall have power to surrender its use and\noccupancy thereof to the village, or, if such real property was acquired\nat the cost and expense of the authority, then the authority shall have\nthe power to sell, lease or otherwise dispose of said real property at\npublic or private sale, and shall retain and have the power to use the\nproceeds of sale, rentals or other moneys derived from the disposition\nthereof for its purposes.\n