Section 1598-E. Conveyance of property by the city to the authority; acquisition of property by the city or by the authority

1.  The  city  may,  by  resolution or resolutions of the common council of the city or
  by instruments authorized by such resolutions, convey, with  or  without
  consideration,  to the authority real and personal property owned by the
  city 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 city 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  city  may  acquire  in  the  name of the city, by purchase or
  condemnation, real property in the city 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 city
  purposes, by purchase or condemnation in the manner provided by law  for
  the  acquisition  of  real  property by the city. For like purposes, the
  city 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 city  and  the  authority
  providing  for the property to be conveyed by the city to the authority,
  the additional property to be acquired by the city and so conveyed,  the
  streets,  roads,  avenues, and highways to be closed by the city and the
  amounts, terms and conditions of payment to be made  by  the  authority.
  Such  contracts  may  also contain covenants by the city as to the road,
  street, avenue and highway improvements to be made by the city. Any such
  contracts between the city 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 common council of  the  city
  may  authorize  such contracts between the city and the authority and no
  other authorization on the part of the city for such contracts shall  be
  necessary.  Any  such contracts may be so authorized and entered into by
  the city and in such manner as  the  common  council  of  the  city  may
  determine,  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 each  capital  budget  of
  the   city  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 city at the cost and expense of the authority by purchase or
  condemnation pursuant to the condemnation law or pursuant  to  the  laws
  relating  to  the  condemnation of land by the city. 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
  city, the authority shall have power to surrender its use and  occupancy
  thereof  to the city, 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.