§ 1617. Contracts.

(a) The land bank may, in its discretion, assign contracts for
supervision and coordination to the successful bidder for any
subdivision of work for which the land bank receives bids. Any
construction, demolition, renovation and reconstruction contract awarded
by the land bank shall contain such other terms and conditions as the
land bank may deem desirable. The land bank shall not award any
construction, demolition, renovation and reconstruction contract greater
than ten thousand dollars except to the lowest bidder who, in its
opinion, is qualified to perform the work required and who is
responsible and reliable. The land bank may, however, reject any or all
bids or waive any informality in a bid if it believes that the public
interest will be promoted thereby. The land bank may reject any bid, if,
in its judgment, the business and technical organization, plant,
resources, financial standing, or experience of the bidder justifies
such rejection in view of the work to be performed.

(b) For the purposes of article fifteen-A of the executive law only,
the land bank shall be deemed a state agency as that term is used in
such article, and all contracts for procurement, design, construction,
services and materials shall be deemed state contracts within the
meaning of that term as set forth in such article.