§ 1621-F — Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

* § 1621-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, to the authority real and personal property owned by the\ncity for use by the authority as a project or projects or a part thereof\nor in connection therewith and pledge and pay to the authority, as\nsecurity for its bonds, notes or other liabilities, certain revenues and\nincome of the city from parking facilities owned or operated by the\ncity. In case of real property so conveyed, the title thereto shall\nremain in the city but the authority shall have the use and occupancy\nthereof for so long as its corporate existence shall continue, unless\notherwise provided for by the authority and the city. In the case of\npersonal property so conveyed, the title shall pass to the authority.\n 2. The city may acquire by gift, purchase or condemnation real\nproperty in the name of the city for any of the projects or for the\nwidening of existing roads, streets, parkways, avenues or highways or\nfor new roads, streets, parkways, avenues or highways to any of the\nprojects, or partly for such purposes and partly for other city\npurposes, by gift, purchase or condemnation in the manner provided by\nlaw for the acquisition of real property by the city. For like purposes,\nthe city may close such streets, roads, parkways, avenues, or highways\nas may be necessary or convenient, except as to state highways and\narterial ways which may not be closed without the consent of the state\ncommissioner of transportation.\n 3. Contracts may be entered into between the city and the authority\nproviding for the property to be conveyed or pledged or paid by the city\nto the authority, the additional property to be acquired by the city and\nso conveyed, the streets, roads, parkways, avenues, and highways to be\nclosed by the city and the amounts, terms and conditions of payment to\nbe made by the authority. Such contracts may also contain covenants by\nthe city as to the road, street, parkway, avenue and highway\nimprovements to be made by the city and as to such matters which pertain\nto any conveyance or pledge and payment of moneys or property to the\nauthority. Any such contracts between the city and the authority may be\npledged by the authority to secure its bonds and notes and may not be\nmodified thereafter except as provided by the terms of such contract and\nsuch pledge. The common council may authorize such contracts between the\ncity and the authority and no other authorization on the part of the\ncity for such contracts shall be necessary. Any such contracts may be so\nauthorized and entered into by the city and in such manner as the common\ncouncil may determine, and the payments required to be made by the city\nmay be made and financed notwithstanding that no provision therefor\nshall have first been made in the capital budget of the city. All\ncontractual or other obligations of the city incurred in carrying out\nthe provisions of this title shall be included in and provided for by\neach capital budget of the city thereafter made, if and to the extent\nthat they may appropriately be included therein.\n 4. Subject to subdivision four of section sixteen hundred twenty-one-d\nof this title, the authority may itself, subject to prior approval of\nthe common council, acquire, in the name of the city, real property\nnecessary or convenient in connection with any project at the cost and\nexpense of the authority by purchase or condemnation pursuant to the\neminent domain procedure law. The authority shall have the use and\noccupancy of such real property so long as its corporate existence shall\ncontinue.\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 sale,\nand shall retain and have the power to use the proceeds of sale, rentals\nor other moneys derived from the disposition thereof for its purposes.\n * NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)\n