§ 2505 — Acquisition of real property for the authority and contracts with the city

* § 2505. Acquisition of real property for the authority and contracts\nwith the city. 1. The city may, by resolution of the board of estimate,\nor by deed authorized by such a resolution, convey for so long as the\nauthority's corporate existence shall continue, lease for not more than\nninety-nine years or grant other authorizations with or without\nconsideration, to the authority for the use and occupancy of the\nauthority or any subsidiary of the authority for its corporate purposes,\nreal property then owned by the city and such conveyance, lease or\nauthorization may reserve to the city such rights as may be agreed upon\nbetween the city and the authority.\n 2. The city may acquire real property in the name of the city for\nconveyance or lease to the authority pursuant to subdivision one of this\nsection or for the management or operation thereof by the authority\npursuant to subdivision four of this section or for the purpose of the\nwidening of existing roads, streets, parkways, avenues or elevated\nhighways connecting with such real property or for such purposes and\npartly for other city purposes by purchase or condemnation in the manner\nprovided by law for the acquisition of real property by the city. The\ncity shall have power to acquire by condemnation property already\ndevoted to another public use. Such roads, streets, parkways, avenues\nand elevated highways connected with such real property shall be\noperated, maintained and reconstructed by the city, and except as agreed\nupon between the city and the authority, with the approval of the board\nof estimate, the city shall have exclusive jurisdiction over them.\n 2-a. Notwithstanding the provisions of any general, special or local\nlaw or charter, the city is hereby empowered to purchase or lease from\nthe authority for a term not exceeding ninety-nine years a sports\nfacility, or enter into any other agreement relating to a sports\nfacility, upon such terms and conditions as may be agreed upon by the\ncity and the authority.\n 3. Notwithstanding the provisions of section 107.00 of the local\nfinance law, for the purpose of financing and paying for the cost of the\nacquisition of such property and the renovation thereof the city is\nhereby authorized and empowered, without providing from current funds\nany part of such costs or otherwise complying with the provisions of\nsuch section 107.00 but upon compliance with all other applicable\nprovisions of the local finance law, to issue bonds and notes and to\nmake expenditures from the proceeds of such bonds and notes or from any\nfund into which such proceeds are paid. Notwithstanding the provisions\nof section 11.00 of the local finance law, the period of probable\nusefulness for the effectuation of any of the objects or purposes in\nconnection with the acquisition or renovation of such real property is\nhereby determined to be forty years. Nothing herein contained, however,\nshall prevent the application of the period of probable usefulness\nprescribed in any subdivision of said section 11.00 of the local finance\nlaw for any object or purpose constituting a separable part of such\nobjects and purposes.\n 4. The city may enter into agreements with the authority for the\nmanagement or operation in whole or in part of a sports facility owned\nor acquired by the city.\n 5. Subject to the approval of the board of estimate, the city may\nenter into agreements with the authority to pay for planning, design and\nfeasiblity studies undertaken or caused to be undertaken by the\nauthority.\n 6. Since the authority's continued discharge of its public and\ngovernmental purposes is of benefit to the city, the city shall pay,\nwithin the appropriations available therefor, if any, the expenses of\nthe establishment and continued operation of the authority.\n 7. Notwithstanding any other provision of law, the city shall have the\npower to contract indebtedness and to issue its obligations pursuant to\nthe local finance law for the purpose of financing any payment\nauthorized to be made by the city pursuant to subdivisions four, five or\nsix of this section. Any such payment shall constitute an object or\npurpose for which the period of probable usefulness is hereby determined\nto be five years.\n * NB (Discontinued-Board of Directors never appointed)\n