New York Laws
Article 10 - New York City Educational Construction Fund
460 - Lease and Other Agreements.

(2) For any of the purposes of the public housing law, including,
specifically, section seventy-three thereof, and notwithstanding any
other provision in the public housing law for establishing the amount of
taxes paid or payable with respect to a project for such year and the
resulting amount of tax exemption, in computing the amount of tax
exemption granted to such non-school portion constituting a project, as
defined by the public housing law, the amount of such payment in lieu of
taxes paid or payable with respect thereto for any year shall be deemed
to be the amount of taxes paid or payable for such year.
3. Any lease, sublease or other agreement entered into between the
fund and the city of New York or the board of education pursuant to
section four hundred fifty-four of this chapter shall provide for (i)
the construction, acquisition, reconstruction, rehabilitation or
improvement of one or more combined occupancy structures and (ii) the
leasing or subleasing of the school portion of such structures to the
city or the board for a term not exceeding ninety-nine years, upon such
terms and conditions as may be agreed upon.
4. Every lease, sublease or other agreement executed pursuant to this
article shall be subject to the approval of the commissioner of general
services and the director of management and budget with respect to all
rentals or other payments to be made thereunder by the city of New York,
the board of education or by the owner or developer of a combined
occupancy structure and shall contain a clause that any agreement of the
city of New York thereunder shall be deemed executory to the extent of
the moneys available to the city therefor and no liability on account
thereof shall be incurred by the city beyond the moneys available for
the purpose thereof.