Section 1475-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  ordinance  or  ordinances,  local  law  or  local  laws  or by
  instruments authorized by such ordinance or  ordinances,  local  law  or
  local  laws, convey, with or without consideration, and upon appropriate
  conditions as to outstanding city bonds appertaining  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 shall 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 city 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 city 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 eminent domain procedure 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.