Section 2490-E. Acquisition of land for the project

1. The authority may
  acquire lands by purchase or condemnation for the project. It shall have
  the power to sell, lease or otherwise dispose of said real property  and
  shall  retain  and have the power to use the proceeds of sale, rental or
  other moneys derived from the disposition thereof for its purposes.
    2. Notwithstanding any law to the contrary  the  city  may,  by  legal
  instrument  authorized by a resolution, lease real property owned by the
  city to the authority, with or without consideration, for so long as the
  authority's existence shall continue.
    3. Notwithstanding any other provision of law, the city may  by  legal
  instrument  authorized  pursuant to resolution, purchase, lease, license
  or otherwise acquire the project  or  any  interest  therein,  including
  terms of years; and, by resolution, establish a capital reserve fund for
  the  purpose  of  financing  all or a part of the cost of such purchase,
  lease, license or other  acquisition,  including  rent  related  to  the
  acquisition   of   a   leasehold  interest  in  the  project,  and  make
  expenditures from such fund for such purposes.