Section 1600-FF. 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 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  or in connection therewith and pledge and pay to the authority,
  as security for its bonds, notes or other liabilities, certain  revenues
  and  income  of the village from parking facilities owned or operated by
  the village. 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,
  unless otherwise provided for by the authority and the village.  In  the
  case  of  personal  property  so  conveyed,  the title shall pass to the
  authority.
    2. The village may acquire by  gift,  purchase  or  condemnation  real
  property  in  the name of the village for any of the projects or for the
  widening of existing roads, streets, parkways, avenues  or  highways  or
  for  new  roads,  streets,  parkways,  avenues or highways to any of the
  projects, or partly for such  purposes  and  partly  for  other  village
  purposes,  by  gift,  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, parkways, 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 or  pledged  or  paid  by  the
  village  to the authority, the additional property to be acquired by the
  village and so conveyed, the  streets,  roads,  parkways,  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, parkway,
  avenue and highway improvements to be made by the village and as to such
  matters which pertain to any conveyance or pledge and payment of  moneys
  or property to the authority. Any such contracts between the village and
  the  authority  may  be pledged by the authority to secure its bonds and
  notes and may not be modified thereafter except as provided by the terms
  of such contract and such 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.  Subject to subdivision four of section one thousand six hundred-dd
  of this title, the authority may itself, subject to  prior  approval  of
  the village board of trustees, acquire, in the name of the village, real
  property  necessary  or convenient in connection with any project at the
  cost and expense of the authority by purchase or  condemnation  pursuant
  to  the  eminent  domain procedure law. 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  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.