2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 10-B - City of Yonkers Educational Construction Fund › 484 - Lease and Other Agreements.

§ 484. Lease  and  other  agreements.  1.  Any  agreement entered into
between the fund and the owner  or  developer  of  a  proposed  combined
occupancy  structure  pursuant  to section four hundred seventy-eight of
this chapter  shall  provide  for  (i)  the  construction,  acquisition,
reconstruction,  rehabilitation  or  improvement of one or more combined
occupancy structures, and the purchase or acquisition  of  the  original
furnishings, equipment, machinery and apparatus to be used in the school
portion  of  a combined occupancy structure upon completion of the work,
(ii) the reconveyance, retransfer or  leasing  of  all  or  any  portion
thereof  and  of  the real property or interest therein related thereto,
including real property originally acquired by the board of education in
the name of the city of Yonkers, upon the  completion  of  construction,
acquisition,  reconstruction,  rehabilitation  or  improvement upon such
terms and conditions as  may  be  agreed  upon,  (iii)  the  leasing  or
subleasing  of  such  combined  occupancy  structures  and  property, or
separately of the school and non-school portions thereof,  by  the  fund
upon completion for a term not exceeding ninety-nine years and upon such
terms  and conditions including annual rental as may be agreed upon, and
(iv) the conveyance to the board of education in the name of the city of
Yonkers of title to the school portion of any  such  combined  occupancy
structure  at the expiration of the term of the lease, or any renewal or
extension thereof, or upon earlier payment in full of the  total  amount
specified  therein,  without  additional  charge  therefor. The board of
education shall approve any such agreement and shall be a party thereto.
2. a. Any lease, sublease or other agreement entered into between  the
fund  and  the  owner  or  developer  of  a  proposed combined occupancy
structure shall provide for payment to the fund of the fair market value
of such easements, space rights, air rights or other  fee  or  leasehold
interests  as  are  to be held or retained by such owner or developer or
his successor in interest under the terms of such agreement.
b. Whenever the easements, space rights, air rights or  other  fee  or
leasehold  interests  held  or  retained  by such owner or developer, if
other than the Yonkers city housing  authority,  and/or  the  non-school
improvements  constructed or erected therein or thereon, shall be exempt
from real property taxes pursuant to  the  provisions  of  section  four
hundred  ninety-two  of  this  article,  such  lease,  sublease or other
agreement shall also provide for the payment to the fund  of  annual  or
other  periodic  amounts equal to the amount of real property taxes that
would  otherwise  have  been  paid  or  payable  with  respect  to  such
easements, space rights, air rights or other fee or leasehold interests,
and  with  respect to the non-school improvements constructed or erected
therein or thereon, over the term  of  such  lease,  sublease  or  other
agreement.
c.  (1)  Notwithstanding  the  provisions  of section fifty-two of the
public housing law, whenever the Yonkers city housing authority is  such
owner  or  developer, such lease, sublease or other agreement shall also
provide for the payment by such authority to the fund  or  the  city  of
such  amount, for any year or years, as payment in lieu of real property
taxes on the non-school portion constituting a project,  as  defined  by
the  public  housing law, as may be agreed upon among the fund, the city
and the authority, and as may be approved by  the  commissioner  of  the
state  division  of  housing  and community renewal if such project is a
state project as defined in the public housing law, and by  the  federal
government if such project is a federal project as defined in the public
housing law.
(2)  For  any  of  the  purposes of the public housing law, including,
specifically, section seventy-three  thereof,  and  notwithstanding  any
other provision in the public housing law for establishing the amount of

taxes  paid  or  payable with respect to a project for such year and the
resulting amount of tax  exemption,  in  computing  the  amount  of  tax
exemption  granted to such non-school portion constituting a project, as
defined by the public housing law, the amount of such payment in lieu of
taxes  paid or payable with respect thereto for any year shall be deemed
to be the amount of taxes paid or payable for such year.
3. Any lease, sublease or other agreement  entered  into  between  the
fund  and  city of Yonkers or the board of education pursuant to section
four hundred fifty-four of  this  chapter  shall  provide  for  (i)  the
construction, acquisition, reconstruction, rehabilitation or improvement
of  one  or  more  combined occupancy structures and (ii) the leasing or
subleasing of the school portion of such structures to the city  or  the
board  at  an  annual cost or rental not in excess of the average annual
cost or rental of comparable new public school facilities in the city of
Yonkers and for a term not exceeding ninety-nine years,  and  upon  such
other terms and conditions as may be agreed upon.
4.  Every lease, sublease or other agreement executed pursuant to this
article shall be subject to the approval of the commissioner of  finance
with  respect  to all rentals or other payments to be made thereunder by
the city of Yonkers, the board of education or by the owner or developer
of a combined occupancy structure and shall contain a  clause  that  any
agreement of the city of Yonkers thereunder shall be deemed executory to
the extent of the moneys available to the city therefor and no liability
on  account  thereof  shall  be  incurred  by the city beyond the moneys
available for the purpose thereof.