NY Pub Auth L § 2310 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 15 - Auburn Industrial Development Authority 2310 - Conveyance of Property by the City to the Authority and Conveyance and Leasing of Said Property by the Authority.

§  2310.  Conveyance  of  property  by  the  city to the authority and   conveyance and leasing of said property by the authority.  1.  The  city   may,  by duly adopted resolution of the common council or by instruments   authorized by such resolution, convey, with or without consideration, to   the authority real and personal property owned by the city  for  use  by   the  authority  as  a project. In case of real property so conveyed, the   title thereto shall remain in the city but the authority shall have  the   use  thereof  for  so long as its corporate existence shall continue and   said  real  property  shall  be  under  its  jurisdiction,  control  and   supervision  within the ambit of section twenty-three hundred twenty-six   of this title and exempt from all  taxes  and  assessments  except  such   payments  in  lieu  thereof  as  may  be contained in such resolution or   instrument of  conveyance.  However,  such  property  may  be  sold,  or   optioned  for  sale, by the authority (1) under the payment or agreement   to pay  reasonable  consideration  to  the  city  or  to  the  authority   according  to  their  respective  interest, and (2) upon approval of the   terms of such sale, or option for sale, by duly  adopted  resolution  of   the common council.2.  To  the end that the city or any school district wherein a project   or projects or a part thereof of  the  authority  are  located  may  not   suffer  undue  loss  of  taxes  and  local  improvement  assessments the   authority in connection with property owned or held  by  it  within  the   city  and such district, is hereby authorized to pay annually in lieu of   taxes and local improvement assessments  to  the  city  or  such  school   district  such  sum  as may be mutually agreed between the authority and   the city or such school district as the case may be. The  city  and  any   such  school district wherein a project or part thereof of the authority   is located is hereby authorized and empowered to enter into an agreement   or agreements with the authority to accept the payment or payments which   the authority is hereby authorized and empowered to  make.  The  sum  so   received  by  the  city  or any such school district shall be devoted to   purposes to which taxes may be applied.3. The city is authorized to install streets and utilities in the area   of the project and to  contract  with  the  authority  with  respect  to   payments  in  lieu  of  local  improvement  assessments therefor and the   authority is authorized so to contract and to make appropriate  payments   in accordance therewith.4.  The authority is authorized in the event it leases any of the real   property conveyed to it by the city, to provide that a  portion  of  the   rental derived therefrom shall be allocated to the aforesaid payments in   lieu  of  taxes and assessments and to pay over said portion to the city   or school district, as the case may be.  The  consent  of  the  city  or   school  district as to the method and amount of such allocation shall be   appended to any such lease.