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This entry was published on 2014-09-22
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Sale or lease of infrastructure projects
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
* § 6-a. Sale or lease of infrastructure projects. (1) Notwithstanding
the provisions of any general, special or local law, subject to any
agreement with noteholders or bondholders, the corporation may sell or
lease any infrastructure project, without public bidding or public sale,
for such price or rental and upon such terms as may be agreed upon
between the corporation and such purchaser or lessee, either prior to,
at the date of, or subsequent to the completion of the project by the
corporation, provided, however, that in the case of a lease, the term
thereof shall not exceed ninety-nine 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 corporation may complete the construction and development of
such improvement prior to the actual conveyance or lease.

(2) Except with respect to projects sold or leased to the state or any
agency or instrumentality thereof, to any municipality or agency or
instrumentality thereof, or to any public corporation, before any sale
or lease of all or a substantial part of a project as authorized by
subdivision one of this section is consummated, there shall be 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, the price or rental to
be paid, 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 such hearing shall be held in
accordance with such notice.

(3) The responsibilities of the corporation in connection with the
implementation of this section may include requesting and receiving
title to real property from the commissioner of general services
pursuant to section thirteen-a of this act. Such transfers shall be on
such terms as the commissioner of general services and the chairman of
the corporation shall determine, and shall, subject to any agreement
with noteholders and bondholders, include a reversionary interest to the
state and the terms on which the property may subsequently be

* NB Not implemented due to defeat of the Jobs for the new, New York
bond act in November, 1992