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

Section 8 Sale or lease of industrial projects

Urban Development Corporation Act 174/68 (UDA)

(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 industrial 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) 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; provided, however, that if the corporation determines that trade secrets or other confidential information about the prospective purchaser's or lessee's business operations, products, processes or designs would otherwise be revealed by such public notice and public hearing, the requirements of this subdivision may be waived by unanimous vote of the directors of the corporation.