§ 72-n. Air space and air and subsurface areas. 1. Any municipal
corporation acting through its governing board may, in addition to those
powers granted it by any other provision of law and notwithstanding any
other provision of law to the contrary, lease to any person, firm or
corporation for business, commercial, private or other lawful use, the
air rights over or the subsurface areas under any of its property
together with lands adjacent thereto which have been or are to be
acquired by it pursuant to section thirty-four-b of the public lands
law, provided that said air space rights and air rights and subsurface
rights and adjacent lands are determined by the governing board not
thereafter to be needed for municipal purposes.

2. Such lease shall be subject to the provisions of section
thirty-four-b of the public lands law and shall in addition contain
provisions requiring the lessee to take steps which are adequate and
necessary to support and maintain such facilities as are being developed
by the municipality, the state, or any of its duly constituted agencies.

3. Title to any buildings, structures, substructures or
superstructures erected or constructed by the lessee shall vest in the
municipality at the termination or expiration of the lease.

4. Any such lease may be entered into without recourse to sealed bids
or public auction provided that (a) the amount of rental and all
essential terms and conditions of the lease shall have been included in
a notice published by the governing board in at least one newspaper of
general circulation in the municipality not less than twenty days prior
to its proposed execution and that (b) such lease shall be approved by
the governing board after a public hearing held not less than ten days
after the publication of said notice.

5. Interests granted pursuant to this section and any improvements
erected or constructed thereunder shall be assessed and taxed in
accordance with the provisions of section five hundred sixty-four of the
real property tax law.