Section 1934. Acquisition of real property

1. The authority shall have the
  power to purchase or lease real property owned by the city,  upon  terms
  and  conditions  approved  by resolution of the authority and the common
  council. The authority shall not purchase, lease  or  otherwise  acquire
  title  to real property from any other corporate entity or person unless
  approved in advance by a vote in excess of seventy-five percent  of  the
  members of the common council in office.
    2.  The  authority  shall have the power to sublease, rent or contract
  for the use of said real property and shall retain and have the power to
  use the proceeds for its corporate purposes, subject to restrictions and
  conditions hereinafter provided. Notwithstanding any provisions  of  law
  to  the  contrary,  the  city  may,  by legal instrument authorized by a
  resolution, lease real property owned by the  city,  to  the  authority,
  upon such terms as the common council shall deem in the best interest of
  the city, for so long as the authority's existence shall continue.