NY Priv Hous Fin L § 119 (2021)
2021 New York Laws PVH - Private Housing Finance Article 5 - Redevelopment Companies 119 - Acquisition.

§  119.  Acquisition.  A municipality may take property by acquisition   pursuant to the provisions of the eminent domain  procedure  law  for  a   redevelopment  company,  provided  the  contract  or  contracts executed   pursuant to section one hundred fourteen contain a requirement that  the   company  shall  pay to the municipality all sums expended or required to   be expended  by  the  municipality  in  the  acquisition  of  such  real   property,  provision  as  to  the time of payment and manner of securing   payment thereof, and provisions requiring that the municipality receive,   before proceeding with the  acquisition  of  such  real  property,  such   assurances  as to payment or reimbursement by the redevelopment company,   or otherwise, as the local legislative body may deem advisable. Upon the   execution of such contract or contracts the company shall  cause  to  be   made two copies of surveys or maps of the real property described in the   contract, one of which shall be filed in the office of the redevelopment   company,  one  in  the  office  of  the corporation counsel or chief law   officer of the municipality, and one in the office in which  instruments   affecting  real  property in the county are recorded. Upon compliance by   the redevelopment company with the applicable terms  and  conditions  of   such  contract  or  contracts  the municipality shall proceed to acquire   title to the real property in accordance  with  the  provisions  of  the   eminent  domain  procedure law and when title to the real property shall   have vested in the  municipality,  it  shall  convey  the  same  to  the   redevelopment company upon final compliance by the redevelopment company   with  such  terms  and conditions. As soon as title shall have vested in   the municipality, the redevelopment company may, upon the  authorization   of  the mayor, enter upon the real property taken, take over and dispose   of existing improvements, and carry out the terms of  the  project  with   respect thereto.Real  property in an area, needed or convenient for the project, which   is to be acquired pursuant to this  section,  may  be  acquired  by  the   municipality for the project, including any property devoted to a public   use,  whether  or  not held in trust, notwithstanding that such property   may have been previously acquired  or  is  owned  by  a  public  utility   corporation, it being hereby expressly determined that the public use in   conformity  with  the  provisions  of  this  article  shall  be deemed a   superior public use. The local  legislative  body  may  consent  to  the   acquisition  of  property owned by the municipality, whether or not such   property be held in trust, or  may  sell  or  lease  any  such  property   necessary or convenient for a project of a redevelopment company without   public bidding, provided notice of such sale or lease is published and a   public  hearing  is  held before the local legislative body. The term of   any such lease shall not be limited by any  provision  of  any  general,   special  or local law or city charter limiting the period of time during   which a lease or any renewal thereof may run. Real property belonging to   a public utility corporation may not be acquired without the approval of   the commission or other officer or tribunal having regulatory power over   such corporation.An award of compensation shall not  be  increased  by  reason  of  any   increase  in  the  value  of  the  real property caused by the assembly,   clearance  or  reconstruction,  or  proposed  assembly,   clearance   or   reconstruction  for the purposes of this article of the real property in   an area.A local legislative body, upon payment therefor or upon  exchange  for   other  lands, may convey to any redevelopment company land in any street   or public place which is duly closed or  discontinued  pursuant  to  the   plan of a project.Notwithstanding  the  provisions of any general, special or local law,   charter or ordinance, the local legislative body  of  a  city  having  a    population  of  one million or more may, upon the request of or with the   approval of the board of  education  of  such  city's  school  district,   grant,  sell,  lease  or  otherwise  transfer  any  lands  or  rights or   interests  therein or thereto, including fee interests, easements, space   rights or air rights or other rights or interests owned by such city and   occupied or reserved for school  purposes  and  needed  therefor,  to  a   redevelopment  company  where  necessary  for the joint development of a   project and a school or appurtenant facilities without  public  bidding,   provided notice of such lease or contract for the sale or other transfer   of such lands or rights or interests therein or thereto is published and   a  public  hearing  is  held before such local legislative body. No such   sale, lease or transfer  of  lands  or  rights  therein  or  thereto  is   authorized  where the development of a project contemplates the erection   of housing facilities over an existing school or playground.  The  terms   of  any such lease shall not be limited by any provision of any general,   special or local law or charter applicable to  such  city  limiting  the   period of time during which a lease or any renewal thereof may run.Nothing  in  this  section  shall  be  deemed to forbid or prevent the   acquisition of any real or personal property by a redevelopment  company   by  gift,  devise,  bequest, grant, or subject to the provisions of this   article, by purchase at public or private sale.