New York Laws
Title 25 - New York City Sports Authority
2505 - Acquisition of Real Property for the Authority and Contracts With the City.

* § 2505. Acquisition of real property for the authority and contracts
with the city. 1. The city may, by resolution of the board of estimate,
or by deed authorized by such a resolution, convey for so long as the
authority's corporate existence shall continue, lease for not more than
ninety-nine years or grant other authorizations with or without
consideration, to the authority for the use and occupancy of the
authority or any subsidiary of the authority for its corporate purposes,
real property then owned by the city and such conveyance, lease or
authorization may reserve to the city such rights as may be agreed upon
between the city and the authority.

2. The city may acquire real property in the name of the city for
conveyance or lease to the authority pursuant to subdivision one of this
section or for the management or operation thereof by the authority
pursuant to subdivision four of this section or for the purpose of the
widening of existing roads, streets, parkways, avenues or elevated
highways connecting with such real property or 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. The
city shall have power to acquire by condemnation property already
devoted to another public use. Such roads, streets, parkways, avenues
and elevated highways connected with such real property shall be
operated, maintained and reconstructed by the city, and except as agreed
upon between the city and the authority, with the approval of the board
of estimate, the city shall have exclusive jurisdiction over them.

2-a. Notwithstanding the provisions of any general, special or local
law or charter, the city is hereby empowered to purchase or lease from
the authority for a term not exceeding ninety-nine years a sports
facility, or enter into any other agreement relating to a sports
facility, upon such terms and conditions as may be agreed upon by the
city and the authority.

3. Notwithstanding the provisions of section 107.00 of the local
finance law, for the purpose of financing and paying for the cost of the
acquisition of such property and the renovation thereof the city is
hereby authorized and empowered, without providing from current funds
any part of such costs or otherwise complying with the provisions of
such section 107.00 but upon compliance with all other applicable
provisions of the local finance law, to issue bonds and notes and to
make expenditures from the proceeds of such bonds and notes or from any
fund into which such proceeds are paid. Notwithstanding the provisions
of section 11.00 of the local finance law, the period of probable
usefulness for the effectuation of any of the objects or purposes in
connection with the acquisition or renovation of such real property is
hereby determined to be forty years. Nothing herein contained, however,
shall prevent the application of the period of probable usefulness
prescribed in any subdivision of said section 11.00 of the local finance
law for any object or purpose constituting a separable part of such
objects and purposes.

4. The city may enter into agreements with the authority for the
management or operation in whole or in part of a sports facility owned
or acquired by the city.

5. Subject to the approval of the board of estimate, the city may
enter into agreements with the authority to pay for planning, design and
feasiblity studies undertaken or caused to be undertaken by the
authority.

6. Since the authority's continued discharge of its public and
governmental purposes is of benefit to the city, the city shall pay,
within the appropriations available therefor, if any, the expenses of
the establishment and continued operation of the authority.

7. Notwithstanding any other provision of law, the city shall have the
power to contract indebtedness and to issue its obligations pursuant to
the local finance law for the purpose of financing any payment
authorized to be made by the city pursuant to subdivisions four, five or
six of this section. Any such payment shall constitute an object or
purpose for which the period of probable usefulness is hereby determined
to be five years.

* NB (Discontinued-Board of Directors never appointed)