N.Y. PBA Law § 1955

§ 1955. Conveyance of property by the city to the authority and\nconveyance and leasing of said property by the authority. 1. The city\nmay, by duly adopted resolution of the city council or by instruments\nauthorized by such resolution, convey, with or without consideration, to\nthe authority real and personal property owned by the city for use by\nthe authority as a project. In case of real property so conveyed, the\ntitle thereto shall remain in the city but the authority shall have the\nuse thereof for so long as its corporate existence shall continue and\nsaid real property shall be under its jurisdiction, control and\nsupervision within the ambit of section nineteen hundred sixty-three of\nthis title and exempt from all taxes and assessments except such\npayments in lieu thereof as may be contained in such resolution or\ninstrument of conveyance.\n 2. To the end that the city or any school district wherein a project\nor projects or a part thereof of the authority are located may not\nsuffer undue loss of taxes and local improvement assessments the\nauthority in connection with property owned or held by it within the\ncity and such district, is hereby authorized to pay annually in lieu of\ntaxes and local improvement assessments to the city or such school\ndistrict such sum as may be mutually agreed between the authority and\nthe city or such school district as the case may be. The city and any\nsuch school district wherein a project or part thereof of the authority\nis located is hereby authorized and empowered to enter into an agreement\nor agreements with the authority to accept the payment or payments which\nthe authority is hereby authorized and empowered to make. The sum so\nreceived by the city or any such school district shall be devoted to\npurposes to which taxes may be applied.\n 3. The city is authorized to install streets and utilities in the area\nof the project and to contract with the authority with respect to\npayments in lieu of local improvement assessments therefor and the\nauthority is authorized so to contract and to make appropriate payments\nin accordance therewith.\n 4. The authority is authorized, in the event it leases any of the real\nproperty conveyed to it by the city, to provide that a portion of the\nrental derived therefrom shall be allocated to the aforesaid payments in\nlieu of taxes and assessments and to pay over said portion to the city\nor school district, as the case may be. The consent of the city or\nschool district as to the method and amount of such allocation shall be\nappended to any such lease.\n