§ 7. Conveyance of property by the city to the corporation;
acquisition of property by the city. 1. The city, acting by the board of
estimate thereof, may, by deed, lease or other instrument convey, lease
or otherwise dispose of any real or personal property or any interest
therein owned or held by the city, without public letting or auction, to
the corporation for its corporate purposes, for so long as it shall be
in existence notwithstanding the provisions of any law respecting the
inalienability of real property by the city, and such conveyance may
reserve to the city such rights as shall not restrict the corporation in
carrying out its corporate purposes.

2. The city may acquire, in the name of the city, by purchase or
condemnation in the manner provided by law for the acquisition of real
property by the city, real property in the city for the purposes of the
corporation or for the widening of existing roads, streets, avenues or
highways or for new roads, streets, avenues or highways connecting with
a health facility constructed or otherwise acquired by the corporation,
or partly for such purposes and partly for other city purposes. For said
purposes, the city may close roads, streets, avenues or highways as may
be necessary; provided, however, that no state highway or way shall be
closed without the consent of the state commissioner of transportation.

3. Subject to the approval of the board of estimate of the city,
contracts may be entered into between the corporation and the city
providing for the property to be acquired by the city and so conveyed,
the roads, streets, avenues, or highways to be closed by the city, and
the amounts, terms and conditions of payments, if any, to be made by the
corporation. Any such contract between the city and the corporation may
be pledged by the corporation to secure its bonds, notes or other
obligations and may not be modified thereafter except as provided by the
terms of the pledge.

4. If the corporation determines that the use and occupancy of any
real property is no longer required for its corporate purposes and
powers, then if such real property was acquired at the cost and expense
of the city, the corporation shall, subject to the provisions of section
five, paragraph six, have power to surrender its use and occupancy to
the city. The corporation shall, subject to the provisions of section
five, paragraph six, have power to sell, lease or otherwise dispose of
said real property at public or private sale or as part of a contract,
lease or other agreement entered into under the terms of this act and to
use the proceeds derived from the sale, lease or other disposition
thereof for its corporate purposes.