§ 480. Special provisions relating to acquisition and transfer of real
property. Notwithstanding any contrary provisions of any general,
special or local law, charter or ordinance: 1. Provided that the
trustees of the fund shall have formally approved by a two-thirds vote
the acquisition of such real property for the development of one or more
combined occupancy structures, any public corporation or officer
responsible for the acquisition of real property for school purposes in
the city of Yonkers is hereby authorized for and on behalf and in the
name of the city of Yonkers, to execute and deliver to the fund, on such
terms and for such consideration, if any, as may be determined by such
public corporation or officer and the fund, but not to exceed the cost
of acquisition thereof and the cost of improvements thereon, a lease for
a term not exceeding ninety-nine years, or a quitclaim deed conveying to
the fund all right, title and interest of such public corporation and of
the city of Yonkers in and to any of the lands acquired by such public
corporation or officer for school purposes, and in and to any of the
improvements thereon, for the purpose of constructing, reconstructing,
rehabilitating or improving thereon one or more combined occupancy
structures pursuant to this article for subsequent lease or sublease of
the school portion of such combined occupancy structures to such public
corporation or officer, in accordance with the terms of an agreement
entered into among them pursuant to this article. The fund is hereby
authorized to accept such lease or conveyance; to lease, sublease or
otherwise transfer or convey, such lands and improvements and all or any
part of the buildings or structures constructed, reconstructed,
rehabilitated or improved thereon, to third parties and to such public
corporation or officer in accordance with the provisions of this
article, and to hold the same subject to the terms of any such lease,
conveyance, sublease or other agreement; and such public corporation or
officer is hereby authorized to lease or sublease from the fund any such
lands or improvements or the school portion of any combined occupancy
structure, constructed, reconstructed, rehabilitated or improved thereon
pursuant to this article or other provisions of law, and to hold such
lands, improvements, buildings and school portions of combined occupancy
structures subject to the terms of any such lease, sublease or other
agreement.

2. In the event that the fund shall fail, within five years from the
date of a lease or conveyance authorized pursuant to subdivision one of
this section, to construct, reconstruct, rehabilitate or improve the
buildings or structures thereon for which the conveyance was made, as
provided for in a lease, sublease or other agreement entered into with
such public corporation or officer, or in the event that such buildings
or structures shall cease to be used for the purposes intended, then and
in either event but subject to the terms of any lease, sublease or other
agreement undertaken by the fund, such lands, and the improvements and
buildings or structures thereon, shall revert to the city of Yonkers
with right of re-entry thereupon, and such lease or deed shall be made
subject to such conditions; provided, however, that as a condition
precedent to the exercise of such right of re-entry the city of Yonkers,
or such public corporation or officer, shall pay to the fund an amount
equal to the purchase price of such lands and improvements, the
depreciated cost of any buildings or structures constructed,
reconstructed, rehabilitated or improved thereon, and all other costs of
the fund incident to the acquisition of such lands and the financing of
construction, reconstruction, rehabilitation or improvement relating to
such buildings or structures, all as provided in the aforesaid lease,
sublease or other agreement entered into with such public corporation or
officer.