Section 1421-E. Conveyance of property by the village to the authority; acquisition of property by the village or by the authority

1.  The  village  may,  by  resolution  or  resolutions  of  the village board of
  trustees or by instruments authorized by such resolutions, convey,  with
  or  without  consideration,  to the authority real and personal property
  owned by the village for use by the authority as a project  or  projects
  or  a  part  thereof.  In  case  of real property so conveyed, the title
  thereto shall remain in the village but the authority shall have the use
  and occupancy thereof for so  long  as  its  corporate  existence  shall
  continue.  In the case of personal property so conveyed, the title shall
  pass to the authority.
    2. The village may acquire in the name of the village by  purchase  or
  condemnation real property in the village for any of the projects or for
  the  widening of existing roads, streets, avenues or highways or for new
  roads, streets, avenues or highways, within a radius of one mile to  any
  of  the  projects,  or  partly  for  such  purposes and partly for other
  village purposes, by purchase or condemnation in the manner provided  by
  law  for  the  acquisition  of  real property by the village.   For like
  purposes, the  village  may  close  such  streets,  roads,  avenues,  or
  highways  as may be necessary or convenient, except as to state highways
  and arterial ways which may not be closed without  the  consent  of  the
  state commissioner of transportation.
    3. Contracts may be entered into between the village and the authority
  providing  for  the  property  to  be  conveyed  by  the  village to the
  authority, the additional property to be acquired by the village and  so
  conveyed,  the streets, roads, avenues, and highways to be closed by the
  village and the amounts, terms and conditions of payment to be  made  by
  the  authority. Such contracts may also contain covenants by the village
  as to the road, street, avenue and highway improvements to  be  made  by
  the  village.  Any  such contracts between the village and the authority
  may be pledged by the authority to secure  its  bonds  and  may  not  be
  modified  thereafter  except as provided by the terms of the pledge. The
  village board of trustees  may  authorize  such  contracts  between  the
  village  and the authority and no other authorization on the part of the
  village for such contracts shall be necessary. Any such contracts may be
  so authorized and entered into by the village and in such manner as  the
  village board of trustees may determine, and the payments required to be
  made  by  the  village  may be made and financed notwithstanding that no
  provision therefor shall have first been made in the capital  budget  of
  the  village.  All  contractual  or  other  obligations  of  the village
  incurred in carrying out the provisions of this title shall be  included
  in  and  provided  for  by each capital budget of the village thereafter
  made, if and to the extent  that  they  may  appropriately  be  included
  therein.
    4. The authority may itself acquire real property for a project in the
  name of the village at the cost and expense of the authority by purchase
  or condemnation pursuant to the eminent domain procedure law or pursuant
  to  the  laws  relating  to the condemnation of land by the village. The
  authority shall have the use and occupancy of such real property so long
  as its corporate existence shall continue.
    5. In case the authority shall have the use and occupancy of any  real
  property  which  it  shall determine is no longer required for a project
  then, if such real property was acquired at the cost and expense of  the
  village,  the  authority  shall  have  power  to  surrender  its use and
  occupancy thereof to the village, or, if such real property was acquired
  at the cost and expense of the authority, then the authority shall  have
  power  to  sell,  lease  or  otherwise  dispose of said real property at
  public or private sale, and shall retain and have the power to  use  the

  proceeds  of sale, rentals, or other moneys derived from the disposition
  thereof for its purposes.