1934 - Acquisition of real property. - New York Statutes

§ 1934. Acquisition of real property. 1. The authority shall have the power to purchase or lease real property owned by the city, upon terms and conditions approved by resolution of the authority and the common council. The authority shall not purchase, lease or otherwise acquire title to real property from any other corporate entity or person unless approved in advance by a vote in excess of seventy-five percent of the members of the common council in office. 2. The authority shall have the power to sublease, rent or contract for the use of said real property and shall retain and have the power to use the proceeds for its corporate purposes, subject to restrictions and conditions hereinafter provided. Notwithstanding any provisions of law to the contrary, the city may, by legal instrument authorized by a resolution, lease real property owned by the city, to the authority, upon such terms as the common council shall deem in the best interest of the city, for so long as the authority's existence shall continue.