Section 1425-F. 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 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 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 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 such 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.