§ 707. Disposition of property in area proposed to be annexed. 1.
Except as may be provided in an agreement among the affected local
governments, as authorized by subdivision two of this section concerning
the retention, division, regulation, land use or other disposition of
real and personal property and rights in real and personal property of
any affected local government or governments or any special or
improvement district in the territory proposed to be annexed, all real
or personal property and rights in real and personal property,
including, but not limited to, land use, streets, avenues, roads,
highways, bridges, overpasses, underpasses, culverts, sidewalks, street
lighting fixtures, and conduits, pipes, drains, either above or below
the ground surface, and appurtenances and appurtenant rights in relation
thereto, owned by any of such local governments (other than the one to
which such territory is annexed) shall become the property of the
county, city, village, or town (where the territory is not annexed to a
village or villages in the town), to which such territory is annexed as
of the date of such annexation, but the ownership of any real and
personal property or rights in real and personal property of, or
acquired for, special or improvement districts in such territory shall
remain unaffected.

2. At any time prior to their determinations as provided by section
seven hundred eleven of this article, the governing boards of the
affected local governments, or their designated representatives, shall
have power to agree on the retention, division, regulation, land use or
other disposition, either with or without consideration, of real or
personal property and rights in real or personal property of any such
affected local government or of any special or improvement districts in
which the territory proposed to be annexed is situated. Any such
agreement shall be in writing and shall be executed by such governing
boards, or their designated representatives, covering the matters agreed
upon. Such agreement may provide for the execution of any deeds or
instruments affecting the retention, division, regulation, land use or
other disposition of such property, either with or without
consideration. Any such agreement shall be followed in the local law to
be adopted pursuant to section seven hundred fourteen of this article.