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


Section 9 Sale or lease of civic projects

Urban Development Corporation Act 174/68 (UDA)

(1) Subject to any agreement with noteholders or bondholders, the corporation may sell or lease for a term not exceeding ninety-nine years any civic project to the state or any agency or instrumentality thereof, to any municipality or agency or instrumentality thereof, to any public corporation, or to any other entity which is carrying out a community, municipal, public service or other civic purpose.

  (2) Any such sale or lease pursuant to subdivision one of this section may be made without public bidding, public sale or public notice, upon such terms and conditions as the corporation, within its discretion, may determine to be necessary or desirable. The corporation may enter into a contract for a sale or lease as authorized by subdivision one of this section either prior to, at the date of, or subsequent to the completion of the project by the corporation. 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 sold or leased, the corporation may complete the construction and development of such improvement prior to the actual conveyance or lease.