N.Y.
Private Housing Finance Law Section 219
Sale or lease of real property by a city to a redevelopment corporation
1.
The local legislative body, or if there is a board of estimate in the city, then the board of estimate, may by resolution determine that real property, title to which is held by the city, specified and described in such resolution, is not required for use by the city and may authorize the city to sell or lease such real property to a redevelopment corporation; provided, however, that the title of the city to such real property be not declared inalienable by charter of the city, or other similar law or instrument.2.
Notwithstanding the provisions of any general, special or local law or ordinance, such sale or lease may be made without appraisal, public notice or public bidding for such price or rental and upon such terms (and, in case of a lease, for such term not exceeding fifty years with a right to one renewal term of thirty years) as may be agreed upon between the city and the redevelopment corporation.3.
Before any sale or lease to a redevelopment corporation shall be authorized, a public hearing shall be held by the local legislative body, or by the board of estimate, as the case may be, to consider the proposed sale or lease.4.
Notice of such hearing shall be published at least ten days before the date set for the hearing in such publication and in such manner as may be designated by the local legislative body, or the board of estimate, as the case may be.5.
The deed or lease of such real property shall be executed in the same manner as a deed or lease by the city of other real property owned by it and may contain appropriate conditions and provisions to enable the city to reenter the real property in the event of a violation by the redevelopment corporation of any of the provisions of this article relating to such redevelopment corporation or of the conditions or provisions of such deed or lease.6.
A redevelopment corporation purchasing or leasing real property from a city shall not, without the written approval of the city, use such real property for any purpose except in connection with its development. The deed shall contain a condition that the redevelopment corporation will devote the real property granted only for the purposes of its development subject to the restrictions of this article, for breach of which the city shall have the right to reenter and repossess itself of the real property.
Source:
Section 219 — Sale or lease of real property by a city to a redevelopment corporation, https://www.nysenate.gov/legislation/laws/PVH/219 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
