§ 1493-f. Conveyance of property by the city to the authority;
acquisition of property by the city or by the authority. 1. The city
may, by resolution or resolutions of the common council or by
instruments authorized by such resolutions, convey, with or without
consideration, and upon appropriate conditions as to outstanding city
bonds appertaining thereto, to the authority real and personal property
owned by the city for use by the authority as a project or projects or a
part thereof. In case of real property so conveyed, the title thereto
shall remain in the city but the authority shall have the use and
occupancy thereof for so long as its corporate existence shall continue.
In the case of personal property so conveyed, the title shall pass to
the authority.

2. The city may acquire in the name of the city by purchase or
condemnation real property in the city for any of the projects or for
the widening of existing roads, streets, avenues or highways, or for new
roads, streets, avenues or highways within a radius of one mile to any
of the projects, or partly for such purposes and partly for other city
purposes, by purchase or condemnation in the manner provided by law for
the acquisition of real property by the city. For like purposes, the
city may close such streets, roads, avenues, or highways as may be
necessary or convenient, except as to state highways and arterial ways
which may not be closed without the consent of the state commissioner of
transportation.

3. Contracts may be entered into between the city and the authority
providing for the property to be conveyed by the city to the authority,
the additional property to be acquired by the city and so conveyed, the
streets, roads, avenues, and highways to be closed by the city and the
amounts, terms and conditions of payment to be made by the authority.
Such contracts may also contain covenants by the city as to the road,
street, avenue and highway improvements to be made by the city. Any such
contracts between the city and the authority may be pledged by the
authority to secure its bonds and may not be modified thereafter except
as provided by the terms of the pledge. The common council may authorize
such contracts between the city and the authority and no other
authorization on the part of the city for such contracts shall be
necessary. Any such contracts may be so authorized and entered into by
the city and in such manner as the common council may determine, and the
payments required to be made by the city may be made and financed
notwithstanding that no provisions therefor shall have first been made
in the annual appropriations of the city. All contractual or other
obligations of the city incurred in carrying out the provisions of this
title shall be included in and provided for by each annual appropriation
of the city thereafter made, if and to the extent that they may
appropriately be included therein.

4. The authority may, subject to the approval of the common council of
the city of Albany, itself acquire real property for a project in the
name of the city at the cost and expense of the authority by gift,
purchase, or condemnation pursuant to the eminent domain procedure law
or pursuant to the laws relating to the condemnation of land by the
city. The authority shall have the use and occupancy of such real
property so long as its corporate existence shall continue.

5. In case the authority shall have the use and occupancy of any real
property which it shall determine is no longer required for a project
then, if such property was acquired at the cost and expense of the city,
the authority shall have the power to surrender its use and occupancy
thereof to the city, or, if such real property was acquired at the cost
and expense of the authority, then the authority shall have the power to
sell, lease or otherwise dispose of said real property at public or
private sale, and shall retain and have the power to use the proceeds of
sale, rentals, or other moneys derived from the disposition thereof for
its purposes.