New York Laws
Article 10 - New York City Educational Construction Fund
456 - Special Provisions Relating to Acquisition and Transfer of Real Property.

§ 456. Special provisions relating to acquisition and transfer of real
property. Notwithstanding any contrary provisions of any general,
special or local law, charter or ordinance:

1. Provided that the trustees of the fund shall have formally approved
by a two-thirds vote the acquisition of such real property for the
development of one or more combined occupancy structures, any public
corporation or officer responsible for the acquisition of real property
for school purposes in the city of New York is hereby authorized for and
on behalf and in the name of the city of New York, to execute and
deliver to the fund, on such terms and for such consideration, if any,
as may be determined by such public corporation or officer and the fund,
but not to exceed the cost of acquisition thereof and the cost of
improvements thereon, or lease for a term not exceeding ninety-nine
years, a quitclaim deed conveying to the fund all right, title and
interest of such public corporation and of the city of New York, in and
to any of the lands acquired by such public corporation or officer for
school purposes, and in and to any of the improvements thereon, for the
purpose of constructing, reconstructing, rehabilitating or improving
thereon one or more combined occupancy structures pursuant to this
article for subsequent lease or sublease of the school portion of such
combined occupancy structures to such public corporation or officer, in
accordance with the terms of an agreement entered into among them
pursuant to this article. The fund is hereby authorized to accept such
lease or conveyance; to lease, sublease or otherwise transfer or convey,
such lands and improvements and all or any part of the buildings or
structures constructed, reconstructed, rehabilitated or improved
thereon, to third parties and to such public corporation or officer in
accordance with the provisions of this article, and to hold the same
subject to the terms of any such lease, conveyance, sublease or other
agreement; and such public corporation or officer is hereby authorized
to lease or sublease from the fund any such lands or improvements or the
school portion of any combined occupancy structure, constructed,
reconstructed, rehabilitated or improved thereon pursuant to this
article or other provisions of law, and to hold such lands,
improvements, buildings and school portions of combined occupancy
structures subject to the terms of any such lease, sublease or other
agreement.

2. In the event that the fund shall fail, within five years from the
date of a lease or conveyance authorized pursuant to subdivision one of
this section, to construct, reconstruct, rehabilitate or improve the
buildings or structures thereon for which the conveyance was made, as
provided for in a lease, sublease or other agreement entered into with
such public corporation or officer, or in the event that such buildings
or structures shall cease to be used for the purposes intended, then and
in either event but subject to the terms of any lease, sublease or other
agreement undertaken by the fund, such lands, and the improvements and
buildings or structures thereon, shall revert to the city of New York
with right of re-entry thereupon, and such lease or deed shall be made
subject to such conditions; provided, however, that as a condition
precedent to the exercise of such right of re-entry the city of New
York, or such public corporation or officer, shall pay to the fund an
amount equal to the purchase price of such lands and improvements, the
depreciated cost of any buildings or structures constructed,
reconstructed, rehabilitated or improved thereon, and all other costs of
the fund incident to the acquisition of such lands and the financing of
construction, reconstruction, rehabilitation or improvement relating to
such buildings or structures, all as provided in the aforesaid lease,

sublease or other agreement entered into with such public corporation or
officer.