§ 1955. Conveyance of property by the city to the authority and
conveyance and leasing of said property by the authority. 1. The city
may, by duly adopted resolution of the city council or by instruments
authorized by such resolution, convey, with or without consideration, to
the authority real and personal property owned by the city for use by
the authority as a project. In case of real property so conveyed, the
title thereto shall remain in the city but the authority shall have the
use thereof for so long as its corporate existence shall continue and
said real property shall be under its jurisdiction, control and
supervision within the ambit of section nineteen hundred sixty-three of
this title and exempt from all taxes and assessments except such
payments in lieu thereof as may be contained in such resolution or
instrument of conveyance.

2. To the end that the city or any school district wherein a project
or projects or a part thereof of the authority are located may not
suffer undue loss of taxes and local improvement assessments the
authority in connection with property owned or held by it within the
city and such district, is hereby authorized to pay annually in lieu of
taxes and local improvement assessments to the city or such school
district such sum as may be mutually agreed between the authority and
the city or such school district as the case may be. The city and any
such school district wherein a project or part thereof of the authority
is located is hereby authorized and empowered to enter into an agreement
or agreements with the authority to accept the payment or payments which
the authority is hereby authorized and empowered to make. The sum so
received by the city or any such school district shall be devoted to
purposes to which taxes may be applied.

3. The city is authorized to install streets and utilities in the area
of the project and to contract with the authority with respect to
payments in lieu of local improvement assessments therefor and the
authority is authorized so to contract and to make appropriate payments
in accordance therewith.

4. The authority is authorized, in the event it leases any of the real
property conveyed to it by the city, to provide that a portion of the
rental derived therefrom shall be allocated to the aforesaid payments in
lieu of taxes and assessments and to pay over said portion to the city
or school district, as the case may be. The consent of the city or
school district as to the method and amount of such allocation shall be
appended to any such lease.