§ 1570-e. Conveyance of property by the village to the authority;
acquisition of property by the village or by the authority. 1. The
village may, by resolution or resolutions of the board of trustees of
the village or by instruments authorized by such resolutions, convey,
with or without consideration, and upon appropriate conditions as to
outstanding village bonds appertaining thereto, to the authority real
and personal property owned by the village 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 village 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 village may acquire in the name of the village by purchase or
condemnation real property in the village 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
village purposes, by purchase or condemnation in the manner provided by
law for the acquisition of real property by the village. For like
purposes, the village may close such streets, roads, avenues or highways
as may be necessary or convenient, except as to state highways and
arterial ways which shall not be closed without the consent of the
commissioner of transportation.

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

4. The authority may itself acquire real property for a project in the
name of the village at the cost and expense of the authority by purchase
or condemnation pursuant to the eminent domain procedure law or pursuant
to the laws relating to the condemnation of land by the village. 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
village, the authority shall have power to surrender its use and
occupancy thereof to the village, 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.