2023 New York Laws › PBA - Public Authorities › Article 7 - Parking Authorities › Title 4-A - City of Albany Parking Authority › 1493-F - Conveyance of Property by the City to the Authority; Acquisition of Property by the City or by the Authority.

§  1493-f.  Conveyance  of  property  by  the  city  to the authority;
  acquisition of property by the city or by the  authority.  1.  The  city
  may,   by  resolution  or  resolutions  of  the  common  council  or  by
  instruments authorized by such  resolutions,  convey,  with  or  without
  consideration,  and  upon  appropriate conditions as to outstanding city
  bonds appertaining thereto, to the authority real and personal  property
  owned by the city for use by the authority as a project or projects or a
  part  thereof.  In  case of real property so conveyed, the title thereto
  shall remain in the city but  the  authority  shall  have  the  use  and
  occupancy thereof for so long as its corporate existence shall continue.
  In  the  case  of personal property so conveyed, the title shall pass to
  the authority.
2. The city may acquire in  the  name  of  the  city  by  purchase  or
  condemnation  real  property  in the city for any of the projects or for
  the widening of existing roads, streets, avenues or highways, or for new
  roads, streets, avenues or highways within a radius of one mile  to  any
  of  the  projects, or partly for such purposes and partly for other city
  purposes, by purchase or condemnation in the manner provided by law  for
  the  acquisition  of  real  property by the city. For like purposes, the
  city may close such streets, roads,  avenues,  or  highways  as  may  be
  necessary  or  convenient, except as to state highways and arterial ways
  which may not be closed without the consent of the state commissioner of
  transportation.
3. Contracts may be entered into between the city  and  the  authority
  providing  for the property to be conveyed by the city to the authority,
  the additional property to be acquired by the city and so conveyed,  the
  streets,  roads,  avenues, and highways to be closed by the city and the
  amounts, terms and conditions of payment to be made  by  the  authority.
  Such  contracts  may  also contain covenants by the city as to the road,
  street, avenue and highway improvements to be made by the city. Any such
  contracts between the city and the  authority  may  be  pledged  by  the
  authority  to secure its bonds and may not be modified thereafter except
  as provided by the terms of the pledge. The common council may authorize
  such  contracts  between  the  city  and  the  authority  and  no  other
  authorization  on  the  part  of  the  city  for such contracts shall be
  necessary. Any such contracts may be so authorized and entered  into  by
  the city and in such manner as the common council may determine, and the
  payments  required  to  be  made  by  the  city may be made and financed
  notwithstanding that no provisions therefor shall have first  been  made
  in  the  annual  appropriations  of  the  city. All contractual or other
  obligations of the city incurred in carrying out the provisions of  this
  title shall be included in and provided for by each annual appropriation
  of  the  city  thereafter  made,  if  and  to  the  extent that they may
  appropriately be included therein.
4. The authority may, subject to the approval of the common council of
  the city of Albany, itself acquire real property for a  project  in  the
  name  of  the  city  at  the  cost and expense of the authority by gift,
  purchase, or condemnation pursuant to the eminent domain  procedure  law
  or  pursuant  to  the  laws  relating to the condemnation of land by the
  city. The authority shall have  the  use  and  occupancy  of  such  real
  property so long as its corporate existence shall continue.
5.  In case the authority shall have the use and occupancy of any real
  property which it shall determine is no longer required  for  a  project
  then, if such property was acquired at the cost and expense of the city,
  the  authority  shall  have the power to surrender its use and occupancy
  thereof to the city, or, if such real property was acquired at the  cost
  and expense of the authority, then the authority shall have the power to
  sell,  lease  or  otherwise  dispose  of said real property at public or

  private sale, and shall retain and have the power to use the proceeds of
  sale, rentals, or other moneys derived from the disposition thereof  for
  its purposes.