§ 37. Disposition of real estate; franchises. No ordinance shall be
passed making or authorizing a sale or lease of city real estate or of
any franchise belonging to or under the control of the city except by
vote of three-fourths of all the members of the common council. In case
of a proposed sale or lease of real estate or of a franchise, the
ordinance must provide for a disposition of the same at public auction
to the highest bidder, under proper regulations as to the giving of
security and after public notice to be published once each week for
three weeks in the official paper or papers, provided, however, that
where the real estate proposed to be sold or leased was acquired by the
city pursuant to the provisions of section seventy-two-k or
seventy-two-m of the general municipal law for the purposes set forth
therein, or where such real estate is owned by the city and devoted to
such purposes, the ordinance may provide that such real estate shall be
sold or leased to the highest responsible bidder upon sealed bids after
notice thereof has been published in the same manner as hereinbefore set
forth for sale or lease by public auction. Such notice shall contain a
statement of the time and place where all bids received in pursuance
thereof will be publicly opened and read, and pursuant to such notice,
all bids received shall be publicly opened and read at the time and
place so specified. A sale or lease of real estate or a franchise shall
not be valid or take effect unless made as aforesaid and subsequently
approved by a resolution of the board of estimate and apportionment or
other governing body. No franchise shall be granted or be operated for a
period longer than fifty years. The common council may, however, grant
to the owner or lessees of an existing franchise, under which operations
are being actually carried on, such additional rights or extensions in
the street or streets in which the said franchise exists, upon such
terms as the interest of the city may require, with or without an
advertisement, as the common council may determine; provided, however,
that no such grant shall be operative unless approved by the board of
estimate and apportionment or other governing body, and also by the
mayor.