2023 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.