1. The Laws of New York
  2. Unconsolidated Laws
  3. Urban Development Corporation Act 174/68


Section 6 Sale or lease of land use improvement projects

Urban Development Corporation Act 174/68 (UDA)

(1) The corporation may sell or lease for a term not exceeding ninety-nine years all or any portion of the real or personal property constituting a land use improvement project to any person, firm, partnership or corporation, either public or private, upon such terms and conditions as may be approved by the corporation, whenever the corporation shall find that such sale or lease is in conformity with a plan or undertaking for the clearance, replanning, reconstruction or rehabilitation of sub-standard and insanitary areas in the municipality in which the project is located. Such sale or lease may be made:

  (a) to any housing company, without public bidding, public sale or public notice;

  (b) to any local development corporation, without public bidding, public sale or public notice;

  (c) to any other person, firm, partnership or corporation, without public bidding or public sale, provided there is published in at least one newspaper of general circulation in the municipality in which the project is located a notice which shall include a statement of the identity of the proposed purchaser or lessee and of his proposed use or reuse of the land use improvement project area or applicable portion thereof, the price or rental to be paid by such purchaser or lessee, all other essential conditions of such sale or lease, and a statement that a public hearing upon such sale or lease will be held before the corporation at a specified time and place on a date not less than ten days after such publication, and provided further that such public hearing is held in accordance with such notice.