NY Educ L § 456 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10 - New York City Educational Construction Fund 456 - Special Provisions Relating to Acquisition and Transfer of Real Property.

§ 456. Special provisions relating to acquisition and transfer of real   property.    Notwithstanding  any  contrary  provisions  of any general,   special or local law, charter or ordinance:1. Provided that the trustees of the fund shall have formally approved   by a two-thirds vote the acquisition  of  such  real  property  for  the   development  of  one  or  more combined occupancy structures, any public   corporation or officer responsible for the acquisition of real  property   for school purposes in the city of New York is hereby authorized for and   on  behalf  and  in  the  name  of  the city of New York, to execute and   deliver to the fund, on such terms and for such consideration,  if  any,   as may be determined by such public corporation or officer and the fund,   but  not  to  exceed  the  cost  of  acquisition thereof and the cost of   improvements thereon, or lease for  a  term  not  exceeding  ninety-nine   years,  a  quitclaim  deed  conveying  to  the fund all right, title and   interest of such public corporation and of the city of New York, in  and   to  any  of the lands acquired by such public corporation or officer for   school purposes, and in and to any of the improvements thereon, for  the   purpose  of  constructing,  reconstructing,  rehabilitating or improving   thereon one or more  combined  occupancy  structures  pursuant  to  this   article  for  subsequent lease or sublease of the school portion of such   combined occupancy structures to such public corporation or officer,  in   accordance  with  the  terms  of  an  agreement  entered into among them   pursuant to this article. The fund is hereby authorized to  accept  such   lease or conveyance; to lease, sublease or otherwise transfer or convey,   such  lands  and  improvements  and  all or any part of the buildings or   structures  constructed,  reconstructed,   rehabilitated   or   improved   thereon,  to  third parties and to such public corporation or officer in   accordance with the provisions of this article, and  to  hold  the  same   subject  to  the  terms of any such lease, conveyance, sublease or other   agreement; and such public corporation or officer is  hereby  authorized   to lease or sublease from the fund any such lands or improvements or the   school   portion  of  any  combined  occupancy  structure,  constructed,   reconstructed,  rehabilitated  or  improved  thereon  pursuant  to  this   article   or   other   provisions  of  law,  and  to  hold  such  lands,   improvements,  buildings  and  school  portions  of  combined  occupancy   structures  subject  to  the  terms of any such lease, sublease or other   agreement.2. In the event that the fund shall fail, within five years  from  the   date  of a lease or conveyance authorized pursuant to subdivision one of   this section, to construct, reconstruct,  rehabilitate  or  improve  the   buildings  or  structures  thereon for which the conveyance was made, as   provided for in a lease, sublease or other agreement entered  into  with   such  public corporation or officer, or in the event that such buildings   or structures shall cease to be used for the purposes intended, then and   in either event but subject to the terms of any lease, sublease or other   agreement undertaken by the fund, such lands, and the  improvements  and   buildings  or  structures  thereon, shall revert to the city of New York   with right of re-entry thereupon, and such lease or deed shall  be  made   subject  to  such  conditions;  provided,  however,  that as a condition   precedent to the exercise of such right of  re-entry  the  city  of  New   York,  or  such  public corporation or officer, shall pay to the fund an   amount equal to the purchase price of such lands and  improvements,  the   depreciated   cost   of   any   buildings   or  structures  constructed,   reconstructed, rehabilitated or improved thereon, and all other costs of   the fund incident to the acquisition of such lands and the financing  of   construction,  reconstruction, rehabilitation or improvement relating to   such buildings or structures, all as provided in  the  aforesaid  lease,    sublease or other agreement entered into with such public corporation or   officer.