Section 480. 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 Yonkers is hereby authorized for and on behalf  and  in  the
  name of the city of Yonkers, 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, a lease for
  a term not exceeding ninety-nine years, or a quitclaim deed conveying to
  the fund all right, title and interest of such public corporation and of
  the  city  of Yonkers 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 Yonkers
  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 Yonkers,
  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.