Section 557-A. Lands, easements and rights in land

1. Lands in fee simple,
  easements and rights in land, including the right to cut off light,  air
  and  access  (any  and  all  of which are in this section referred to as
  "lands") shall after January first, nineteen hundred forty  be  acquired
  as  provided  in  this  section  for  the  project  and other authorized
  purposes, and the provisions of sections five hundred  fifty-five,  five
  hundred fifty-six and five hundred fifty-seven of this chapter shall not
  apply.
    2. The authority may acquire lands for said project in the name of the
  city   at  the  cost  and  expense  of  the  authority  by  purchase  or
  condemnation pursuant to the condemnation law. The authority shall  have
  the  use  and occupancy of such lands so long as its corporate existence
  shall continue.
    3. The city may, by resolution of the board of estimate,  or  by  deed
  authorized  by such a resolution, convey, with or without consideration,
  to the authority for the project the use and occupancy, for so  long  as
  its  corporate  existence shall continue, of any lands then owned by the
  city including lands which, by any other law,  are  inalienable  by  the
  city,  and  such conveyance may reserve to the city such rights as shall
  not  restrict  the  authority  in  the   construction,   reconstruction,
  operation and maintenance of the project.
    4.  The city may acquire lands in the name of the city for the project
  or for the widening of existing roads,  streets,  parkways,  avenues  or
  elevated  highways  or  for  new  roads,  streets,  parkways, avenues or
  elevated highways connecting with  said  project,  or  partly  for  such
  purposes and partly for other city purposes, by purchase or condemnation
  in  the  manner provided by law for the acquisition of land by the city.
  Contracts may be  entered  into  between  the  city  and  the  authority
  providing  for  the  lands  to  be acquired by the city, and the part or
  proportion of the cost and expense to be  paid  by  the  authority,  the
  balance  to  be paid by the city, and terms and conditions of payment to
  be made  by  the  authority.  Such  contracts  may  also  determine  the
  improvements  and  construction to be done by the authority. Such roads,
  streets, parkways, avenues and elevated  highways  connecting  with  the
  project  shall  be  operated, maintained, and reconstructed by the city,
  and except for the original construction and improvement thereof by  the
  authority, the city shall have exclusive jurisdiction over them.
    5.  The  mayor  may  authorize  a  contract  between  the city and the
  authority and no other authorization on the part of the city for such  a
  contract  shall be necessary. Any such contract may be so authorized and
  entered into by the city and the payments required to  be  made  by  the
  city may be made and financed notwithstanding that no provision therefor
  shall  have  first  been  made  in  the  capital budget of the city. All
  contractual or other obligations of the city incurred  in  carrying  out
  the  provisions  of  this title shall be included in and provided for by
  such capital budget of the city thereafter made, to the extent that they
  may appropriately be included therein.