§ 2490-E — Acquisition of land for the project

§ 2490-e. Acquisition of land for the project. 1. The authority may\nacquire lands by purchase or condemnation for the project. It shall have\nthe power to sell, lease or otherwise dispose of said real property and\nshall retain and have the power to use the proceeds of sale, rental or\nother moneys derived from the disposition thereof for its purposes.\n 2. Notwithstanding any law to the contrary the city may, by legal\ninstrument authorized by a resolution, lease real property owned by the\ncity to the authority, with or without consideration, for so long as the\nauthority's existence shall continue.\n 3. Notwithstanding any other provision of law, the city may by legal\ninstrument authorized pursuant to resolution, purchase, lease, license\nor otherwise acquire the project or any interest therein, including\nterms of years; and, by resolution, establish a capital reserve fund for\nthe purpose of financing all or a part of the cost of such purchase,\nlease, license or other acquisition, including rent related to the\nacquisition of a leasehold interest in the project, and make\nexpenditures from such fund for such purposes.\n