Section 1405. 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  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 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 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.