New York Codes, Rules and Regulations › Title 9 - EXECUTIVE DEPARTMENT › Subtitle S - Division of Housing and Community Renewal › Chapter V - Urban Renewal › Subchapter A - Urban Renewal Assistance Program › Part 1802 - Disposition Of Property › Section 1802.2 - Disposition procedures

Current through Register Vol. 46, No. 28, July 10, 2024
Where State financial assistance is to be made available
						or where an application therefor has been made, the agency shall:
(a) Public matched bid auction. In the case
					 of disposition to a sponsor by the matched bid method,
(1) Prior to the publication of the notice of
					 the public matched bid auction, submit to the commissioner, in addition to the
					 disposition documents, the following:
(i) Two
					 copies of the agency's rules and procedures for selection and designation of a
					 qualified and eligible sponsor. Such rules are to include, among other things,
					 a requirement for the submission of "Redeveloper's Statement for Public
					 Disclosure" and "Statement of Qualification and Financial
					 Responsibility".
(ii) Redeveloper's
					 Statement for Public Disclosure, local approval of the statement and, if
					 federally assisted, HUD clearance of the statement.
(iii) Proposed notice of availability for
					 public examination of Redeveloper's Statement for Public Disclosure, which
					 shall include the time and place at which the statement is available for public
					 examination.
(iv) Proposed notice
					 of availability for public examination of the disposition agreement, which
					 shall include the time and place at which the proposed agreement is available
					 for public examination.
(v)
					 Proposed notice of disposition at public auction by matched bid method, which
					 notice shall include:
(a) name of public body
					 to hold the auction;
(b) date, time
					 and place of such auction;
(c)
					 purpose of the auction;
(d) the
					 proposed land use, description of the property and description of the
					 improvements to be constructed thereon;
(e) identification of sponsor and a statement
					 that the agency has duly designated such sponsor and found him (it) qualified
					 and eligible pursuant to the agency's prescribed rules and procedures, and that
					 the sponsor has agreed to pay the minimum price or rental fixed by the agency
					 for such real property;
(f) the
					 terms and conditions of land disposition, that is, minimum price or rental,
					 method and time of conveyance and payment, date of closing, date of
					 commencement and completion of construction and such other terms as may
					 constitute part of the consideration for the transaction;
(g) name of project and general description
					 of its location;
(h) that the
					 proposed sponsor (or former owner if the municipality by resolution so
					 authorizes as is permitted by section 507 [subd. 2, par. (c)] of the Law and
					 section 556 [subd. 2] of the Act) may match any higher bid than the minimum
					 fixed price but that such matching bid shall be made (only at the time and
					 place) (within 48 hours) of the holding of the public auction or the opening of
					 the sealed bids.
(1) The notice of public
					 auction by match bid method shall state that the matching bid must be made at
					 the time and place of the holding of the auction or the opening of sealed bids
					 or within a maximum period of 48 hours after the close of the auction or the
					 opening of the sealed bids. The choice of when the matching bid is to be made
					 is a local determination, but whatever the choice the notice should provide
					 accordingly. If the local choice is to permit the match bid to be made within
					 48 hours then the bidding documents shall provide that the bidder making the
					 highest bid may not withdraw his bid for a period of 72 hours within which time
					 the highest bidder is to be notified whether or not such bid has been
					 matched.
(vi)
					 The resolution of the agency designating the sponsor in accordance with rules
					 and procedures, mentioned in subparagraph (i) of this paragraph and authorizing
					 publication of items mentioned in subparagraphs (ii) through (v) of this
					 paragraph.
(vii) The notice of
					 disposition, of property to be disposed of by matched bid method, shall not be
					 published unless the disposition agreement to pay the minimum price or rental
					 fixed by the agency has been executed by the designated sponsor (or if the
					 municipality by resolution so authorizes, by a former owner) for the property
					 within the urban renewal area.
(viii) Evidence of HUD approval of the
					 following, if federally assisted:
(a)
					 disposition and method of disposition for each respective parcel;
(b) price of land to be disposed of, by
					 parcel;
(c) disposition
					 documents;
(d) subparagraph (iv) of
					 this paragraph;
(e) subparagraph
					 (v) of this paragraph.
(ix) Opinion of agency counsel approving the
					 disposition documents stating that the proposed disposal procedure and proposed
					 disposition documents conform to the requirements of State and local
					 law.