N.Y. PBA Law § 2799-AAAA

* § 2799-aaaa. Legislative declaration. The legislature hereby finds,\ndetermines and declares that: (a) the city of New York and the New York\nstate urban development corporation have entered into a lease providing\nfor the urban development corporation to use its statutory powers to\ncreate on Roosevelt Island a new community which would retain and\nheighten the benefits of urban living while preserving a sense of scale\nand open space for Roosevelt Island residents and New York city as a\nwhole; (b) the urban development corporation has and its successors have\nconstructed the first phases of the island's development, including\npublic facilities, pursuant to a general development plan for Roosevelt\nIsland, which plan is being updated and which plan contemplates\nsignificant future development, including the provision of additional\nhousing, commercial, civic, recreational and other facilities; (c) it is\nin the public interest for the urban development corporation to transfer\nall of its rights and obligations with respect to the development,\noperation and supervision of both such existing and such proposed\ndevelopment to a public benefit corporation which shall be under the\nsupervision of the commissioner of homes and community renewal; and (d)\nit is in the public interest that the public benefit corporation plan,\ndesign, develop, operate, maintain and manage Roosevelt Island and have\nvested in it such powers as are necessary or convenient to effectuate\nthose functions and that the division of housing and community renewal\nbe authorized to assist such corporation in the performance of its\nduties with respect to Roosevelt Island.\n