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This entry was published on 2014-09-22
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Sale or lease of industrial projects
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 6, TITLE 3
§ 1383-a. Sale or lease of industrial projects. Notwithstanding the
provisions of any general, special or local law, subject to any
agreement with noteholders or bondholders, the authority may sell or
lease any industrial project, without public bidding or public sale, for
such price or rental and upon such terms as may be agreed upon between
the authority and such purchaser or lessee, either prior to, at the date
of, or subsequent to the completion of the industrial project by the
authority, provided, however, that in the case of a lease, the term
thereof shall not exceed thirty years. Where such contract for sale or
lease is entered into after the commencement of construction and prior
to the physical completion of the improvement to be conveyed or leased,
the authority may complete the construction and development of such
improvement prior to the actual conveyance or lease.