§ 484. Lease and other agreements. 1. Any agreement entered into
between the fund and the owner or developer of a proposed combined
occupancy structure pursuant to section four hundred seventy-eight of
this chapter shall provide for (i) the construction, acquisition,
reconstruction, rehabilitation or improvement of one or more combined
occupancy structures, and the purchase or acquisition of the original
furnishings, equipment, machinery and apparatus to be used in the school
portion of a combined occupancy structure upon completion of the work,
(ii) the reconveyance, retransfer or leasing of all or any portion
thereof and of the real property or interest therein related thereto,
including real property originally acquired by the board of education in
the name of the city of Yonkers, upon the completion of construction,
acquisition, reconstruction, rehabilitation or improvement upon such
terms and conditions as may be agreed upon, (iii) the leasing or
subleasing of such combined occupancy structures and property, or
separately of the school and non-school portions thereof, by the fund
upon completion for a term not exceeding ninety-nine years and upon such
terms and conditions including annual rental as may be agreed upon, and
(iv) the conveyance to the board of education in the name of the city of
Yonkers of title to the school portion of any such combined occupancy
structure at the expiration of the term of the lease, or any renewal or
extension thereof, or upon earlier payment in full of the total amount
specified therein, without additional charge therefor. The board of
education shall approve any such agreement and shall be a party thereto.

2. a. Any lease, sublease or other agreement entered into between the
fund and the owner or developer of a proposed combined occupancy
structure shall provide for payment to the fund of the fair market value
of such easements, space rights, air rights or other fee or leasehold
interests as are to be held or retained by such owner or developer or
his successor in interest under the terms of such agreement.

b. Whenever the easements, space rights, air rights or other fee or
leasehold interests held or retained by such owner or developer, if
other than the Yonkers city housing authority, and/or the non-school
improvements constructed or erected therein or thereon, shall be exempt
from real property taxes pursuant to the provisions of section four
hundred ninety-two of this article, such lease, sublease or other
agreement shall also provide for the payment to the fund of annual or
other periodic amounts equal to the amount of real property taxes that
would otherwise have been paid or payable with respect to such
easements, space rights, air rights or other fee or leasehold interests,
and with respect to the non-school improvements constructed or erected
therein or thereon, over the term of such lease, sublease or other
agreement.

c. (1) Notwithstanding the provisions of section fifty-two of the
public housing law, whenever the Yonkers city housing authority is such
owner or developer, such lease, sublease or other agreement shall also
provide for the payment by such authority to the fund or the city of
such amount, for any year or years, as payment in lieu of real property
taxes on the non-school portion constituting a project, as defined by
the public housing law, as may be agreed upon among the fund, the city
and the authority, and as may be approved by the commissioner of the
state division of housing and community renewal if such project is a
state project as defined in the public housing law, and by the federal
government if such project is a federal project as defined in the public
housing law.

(2) For any of the purposes of the public housing law, including,
specifically, section seventy-three thereof, and notwithstanding any
other provision in the public housing law for establishing the amount of
taxes paid or payable with respect to a project for such year and the
resulting amount of tax exemption, in computing the amount of tax
exemption granted to such non-school portion constituting a project, as
defined by the public housing law, the amount of such payment in lieu of
taxes paid or payable with respect thereto for any year shall be deemed
to be the amount of taxes paid or payable for such year.

3. Any lease, sublease or other agreement entered into between the
fund and city of Yonkers or the board of education pursuant to section
four hundred fifty-four of this chapter shall provide for (i) the
construction, acquisition, reconstruction, rehabilitation or improvement
of one or more combined occupancy structures and (ii) the leasing or
subleasing of the school portion of such structures to the city or the
board at an annual cost or rental not in excess of the average annual
cost or rental of comparable new public school facilities in the city of
Yonkers and for a term not exceeding ninety-nine years, and upon such
other terms and conditions as may be agreed upon.

4. Every lease, sublease or other agreement executed pursuant to this
article shall be subject to the approval of the commissioner of finance
with respect to all rentals or other payments to be made thereunder by
the city of Yonkers, the board of education or by the owner or developer
of a combined occupancy structure and shall contain a clause that any
agreement of the city of Yonkers thereunder shall be deemed executory to
the extent of the moneys available to the city therefor and no liability
on account thereof shall be incurred by the city beyond the moneys
available for the purpose thereof.