§ 9 — Sale or lease of civic projects

§ 9. Sale or lease of civic projects. (1) Subject to any agreement\nwith noteholders or bondholders, the corporation may sell or lease for a\nterm not exceeding ninety-nine years any civic project to the state or\nany agency or instrumentality thereof, to any municipality or agency or\ninstrumentality thereof, to any public corporation, or to any other\nentity which is carrying out a community, municipal, public service or\nother civic purpose.\n (2) Any such sale or lease pursuant to subdivision one of this section\nmay be made without public bidding, public sale or public notice, upon\nsuch terms and conditions as the corporation, within its discretion, may\ndetermine to be necessary or desirable. The corporation may enter into a\ncontract for a sale or lease as authorized by subdivision one of this\nsection either prior to, at the date of, or subsequent to the completion\nof the project by the corporation. Where such contract for sale or lease\nis entered into after the commencement of construction and prior to the\nphysical completion of the improvement to be sold or leased, the\ncorporation may complete the construction and development of such\nimprovement prior to the actual conveyance or lease.\n