NY Pub Auth L § 2505 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 25 - New York City Sports Authority 2505 - Acquisition of Real Property for the Authority and Contracts With the City.

* § 2505. Acquisition of real property for the authority and contracts   with  the city. 1. The city may, by resolution of the board of estimate,   or by deed authorized by such a resolution, convey for so  long  as  the   authority's  corporate existence shall continue, lease for not more than   ninety-nine  years  or  grant  other  authorizations  with  or   without   consideration,  to  the  authority  for  the  use  and  occupancy of the   authority or any subsidiary of the authority for its corporate purposes,   real property then owned by the  city  and  such  conveyance,  lease  or   authorization  may reserve to the city such rights as may be agreed upon   between the city and the authority.2. The city may acquire real property in the  name  of  the  city  for   conveyance or lease to the authority pursuant to subdivision one of this   section  or  for  the  management  or operation thereof by the authority   pursuant to subdivision four of this section or for the purpose  of  the   widening  of  existing  roads,  streets,  parkways,  avenues or elevated   highways connecting with such real property or  for  such  purposes  and   partly for other city purposes by purchase or condemnation in the manner   provided  by  law  for the acquisition of real property by the city. The   city shall have  power  to  acquire  by  condemnation  property  already   devoted  to  another  public use. Such roads, streets, parkways, avenues   and elevated  highways  connected  with  such  real  property  shall  be   operated, maintained and reconstructed by the city, and except as agreed   upon  between the city and the authority, with the approval of the board   of estimate, the city shall have exclusive jurisdiction over them.2-a. Notwithstanding the provisions of any general, special  or  local   law  or  charter, the city is hereby empowered to purchase or lease from   the authority for a  term  not  exceeding  ninety-nine  years  a  sports   facility,  or  enter  into  any  other  agreement  relating  to a sports   facility, upon such terms and conditions as may be agreed  upon  by  the   city and the authority.3.  Notwithstanding  the  provisions  of  section  107.00 of the local   finance law, for the purpose of financing and paying for the cost of the   acquisition of such property and the  renovation  thereof  the  city  is   hereby  authorized  and  empowered, without providing from current funds   any part of such costs or otherwise complying  with  the  provisions  of   such  section  107.00  but  upon  compliance  with  all other applicable   provisions of the local finance law, to issue bonds  and  notes  and  to   make  expenditures from the proceeds of such bonds and notes or from any   fund into which such proceeds are paid. Notwithstanding  the  provisions   of  section  11.00  of  the  local  finance  law, the period of probable   usefulness for the effectuation of any of the  objects  or  purposes  in   connection  with  the acquisition or renovation of such real property is   hereby determined to be forty years. Nothing herein contained,  however,   shall  prevent  the  application  of  the  period of probable usefulness   prescribed in any subdivision of said section 11.00 of the local finance   law for any object or purpose constituting  a  separable  part  of  such   objects and purposes.4.  The  city  may  enter  into  agreements with the authority for the   management or operation in whole or in part of a sports  facility  owned   or acquired by the city.5.  Subject  to  the  approval  of the board of estimate, the city may   enter into agreements with the authority to pay for planning, design and   feasiblity  studies  undertaken  or  caused  to  be  undertaken  by  the   authority.6.  Since  the  authority's  continued  discharge  of  its  public and   governmental purposes is of benefit to the city,  the  city  shall  pay,   within  the  appropriations  available therefor, if any, the expenses of   the establishment and continued operation of the authority. 7. Notwithstanding any other provision of law, the city shall have the   power to contract indebtedness and to issue its obligations pursuant  to   the  local  finance  law  for  the  purpose  of  financing  any  payment   authorized to be made by the city pursuant to subdivisions four, five or   six  of  this  section.  Any  such payment shall constitute an object or   purpose for which the period of probable usefulness is hereby determined   to be five years.* NB (Discontinued-Board of Directors never appointed)