Section 484. Lease and other agreements

1.  Any  agreement entered into
  between the fund and the owner  or  developer  of  a  proposed  combined
  occupancy  structure  pursuant  to section four hundred seventy-eight of
  this chapter  shall  provide  for  (i)  the  construction,  acquisition,
  reconstruction,  rehabilitation  or  improvement of one or more combined
  occupancy structures, and the purchase or acquisition  of  the  original
  furnishings, equipment, machinery and apparatus to be used in the school
  portion  of  a combined occupancy structure upon completion of the work,
  (ii) the reconveyance, retransfer or  leasing  of  all  or  any  portion
  thereof  and  of  the real property or interest therein related thereto,
  including real property originally acquired by the board of education in
  the name of the city of Yonkers, upon the  completion  of  construction,
  acquisition,  reconstruction,  rehabilitation  or  improvement upon such
  terms and conditions as  may  be  agreed  upon,  (iii)  the  leasing  or
  subleasing  of  such  combined  occupancy  structures  and  property, or
  separately of the school and non-school portions thereof,  by  the  fund
  upon completion for a term not exceeding ninety-nine years and upon such
  terms  and conditions including annual rental as may be agreed upon, and
  (iv) the conveyance to the board of education in the name of the city of
  Yonkers of title to the school portion of any  such  combined  occupancy
  structure  at the expiration of the term of the lease, or any renewal or
  extension thereof, or upon earlier payment in full of the  total  amount
  specified  therein,  without  additional  charge  therefor. The board of
  education shall approve any such agreement and shall be a party thereto.
    2. a. Any lease, sublease or other agreement entered into between  the
  fund  and  the  owner  or  developer  of  a  proposed combined occupancy
  structure shall provide for payment to the fund of the fair market value
  of such easements, space rights, air rights or other  fee  or  leasehold
  interests  as  are  to be held or retained by such owner or developer or
  his successor in interest under the terms of such agreement.
    b. Whenever the easements, space rights, air rights or  other  fee  or
  leasehold  interests  held  or  retained  by such owner or developer, if
  other than the Yonkers city housing  authority,  and/or  the  non-school
  improvements  constructed or erected therein or thereon, shall be exempt
  from real property taxes pursuant to  the  provisions  of  section  four
  hundred  ninety-two  of  this  article,  such  lease,  sublease or other
  agreement shall also provide for the payment to the fund  of  annual  or
  other  periodic  amounts equal to the amount of real property taxes that
  would  otherwise  have  been  paid  or  payable  with  respect  to  such
  easements, space rights, air rights or other fee or leasehold interests,
  and  with  respect to the non-school improvements constructed or erected
  therein or thereon, over the term  of  such  lease,  sublease  or  other
  agreement.
    c.  (1)  Notwithstanding  the  provisions  of section fifty-two of the
  public housing law, whenever the Yonkers city housing authority is  such
  owner  or  developer, such lease, sublease or other agreement shall also
  provide for the payment by such authority to the fund  or  the  city  of
  such  amount, for any year or years, as payment in lieu of real property
  taxes on the non-school portion constituting a project,  as  defined  by
  the  public  housing law, as may be agreed upon among the fund, the city
  and the authority, and as may be approved by  the  commissioner  of  the
  state  division  of  housing  and community renewal if such project is a
  state project as defined in the public housing law, and by  the  federal
  government if such project is a federal project as defined in the public
  housing law.
    (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.