N.Y. GMU Law § 707

§ 707. Disposition of property in area proposed to be annexed. 1.\nExcept as may be provided in an agreement among the affected local\ngovernments, as authorized by subdivision two of this section concerning\nthe retention, division, regulation, land use or other disposition of\nreal and personal property and rights in real and personal property of\nany affected local government or governments or any special or\nimprovement district in the territory proposed to be annexed, all real\nor personal property and rights in real and personal property,\nincluding, but not limited to, land use, streets, avenues, roads,\nhighways, bridges, overpasses, underpasses, culverts, sidewalks, street\nlighting fixtures, and conduits, pipes, drains, either above or below\nthe ground surface, and appurtenances and appurtenant rights in relation\nthereto, owned by any of such local governments (other than the one to\nwhich such territory is annexed) shall become the property of the\ncounty, city, village, or town (where the territory is not annexed to a\nvillage or villages in the town), to which such territory is annexed as\nof the date of such annexation, but the ownership of any real and\npersonal property or rights in real and personal property of, or\nacquired for, special or improvement districts in such territory shall\nremain unaffected.\n 2. At any time prior to their determinations as provided by section\nseven hundred eleven of this article, the governing boards of the\naffected local governments, or their designated representatives, shall\nhave power to agree on the retention, division, regulation, land use or\nother disposition, either with or without consideration, of real or\npersonal property and rights in real or personal property of any such\naffected local government or of any special or improvement districts in\nwhich the territory proposed to be annexed is situated. Any such\nagreement shall be in writing and shall be executed by such governing\nboards, or their designated representatives, covering the matters agreed\nupon. Such agreement may provide for the execution of any deeds or\ninstruments affecting the retention, division, regulation, land use or\nother disposition of such property, either with or without\nconsideration. Any such agreement shall be followed in the local law to\nbe adopted pursuant to section seven hundred fourteen of this article.\n