New York Laws
Article 10-B - City of Yonkers Educational Construction Fund
484 - 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 city of Yonkers 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 at an annual cost or rental not in excess of the average annual
cost or rental of comparable new public school facilities in the city of
Yonkers and for a term not exceeding ninety-nine years, and upon such
other 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 finance
with respect to all rentals or other payments to be made thereunder by
the city of Yonkers, 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 Yonkers 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.