Section 72-N. Air space and air and subsurface areas

1. Any municipal
  corporation acting through its governing board may, in addition to those
  powers granted it by any other provision of law and notwithstanding  any
  other  provision  of  law  to the contrary, lease to any person, firm or
  corporation for business, commercial, private or other lawful  use,  the
  air  rights  over  or  the  subsurface  areas  under any of its property
  together with lands adjacent thereto  which  have  been  or  are  to  be
  acquired  by  it  pursuant  to section thirty-four-b of the public lands
  law, provided that said air space rights and air rights  and  subsurface
  rights  and  adjacent  lands  are  determined by the governing board not
  thereafter to be needed for municipal purposes.
    2.  Such  lease  shall  be  subject  to  the  provisions  of   section
  thirty-four-b  of  the  public  lands  law and shall in addition contain
  provisions requiring the lessee to take steps  which  are  adequate  and
  necessary to support and maintain such facilities as are being developed
  by the municipality, the state, or any of its duly constituted agencies.
    3.    Title   to   any   buildings,   structures,   substructures   or
  superstructures erected or constructed by the lessee shall vest  in  the
  municipality at the termination or expiration of the lease.
    4.  Any such lease may be entered into without recourse to sealed bids
  or public auction provided  that  (a)  the  amount  of  rental  and  all
  essential  terms and conditions of the lease shall have been included in
  a notice published by the governing board in at least one  newspaper  of
  general  circulation in the municipality not less than twenty days prior
  to its proposed execution and that (b) such lease shall be  approved  by
  the  governing  board after a public hearing held not less than ten days
  after the publication of said notice.
    5. Interests granted pursuant to this  section  and  any  improvements
  erected  or  constructed  thereunder  shall  be  assessed  and  taxed in
  accordance with the provisions of section five hundred sixty-four of the
  real property tax law.