N.Y. PVH Law § 210

§ 210. Regulation of redevelopment corporations by supervising agency.\nA redevelopment corporation shall:\n 1. Furnish to the supervising agency from time to time, as required by\nit, but with respect to regular reports not more often than once every\nsix months, such financial information, statements, audited reports or\nother material as such supervising agency shall require, each of which\nshall conform to such standards of accounting and financial procedure as\nthe supervising agency may by general regulation prescribe.\n 2. Establish and maintain such depreciation and other reserves,\nsurplus and other accounts as the supervising agency may reasonably\nrequire, including a yearly reserve with respect to each parcel of real\nproperty held by the redevelopment corporation against the increase in\nlocal taxes after the expiration of the maximum exemption period, which\nshall be equal to twenty per centum of the difference between the\nmaximum local tax on the real property of the redevelopment corporation\nand the local tax which would have been payable except for the tax\nexemption period provided for in section two hundred eleven of this\narticle.\n Any provision of the general corporation law or the stock corporation\nlaw to the contrary notwithstanding, one member of the board of\ndirectors of a redevelopment corporation may be a designee of the\nsupervising agency, as long as any of the real property of the\nredevelopment corporation is entitled to the tax exemption provided for\nin section two hundred eleven of this article.\n