Section 1569-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 city common council or by
  instruments authorized by such  resolutions,  convey,  with  or  without
  consideration,  and  upon  appropriate conditions as to outstanding city
  bonds appertaining thereto, 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  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  shall  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 provisions 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 provision 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 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.