NY Educ L § 480 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10-B - City of Yonkers Educational Construction Fund 480 - Special Provisions Relating to Acquisition and Transfer of Real Property.

§ 480. 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 Yonkers is hereby authorized for and on behalf  and  in  the   name of the city of Yonkers, 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, a lease for   a term not exceeding ninety-nine years, or a quitclaim deed conveying to   the fund all right, title and interest of such public corporation and of   the  city  of Yonkers 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 Yonkers   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 Yonkers,   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.