N.Y. General Municipal Law 72-N – Air space and air and subsurface areas
§ 72-n. Air space and air and subsurface areas. 1. Any municipal corporation acting through its governing board may, in addition to those powers granted it by any other provision of law and notwithstanding any other provision of law to the contrary, lease to any person, firm or corporation for business, commercial, private or other lawful use, the air rights over or the subsurface areas under any of its property together with lands adjacent thereto which have been or are to be acquired by it pursuant to § 34-b of the public lands law, provided that said air space rights and air rights and subsurface rights and adjacent lands are determined by the governing board not thereafter to be needed for municipal purposes.
Terms Used In N.Y. General Municipal Law 72-N
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
2. Such lease shall be subject to the provisions of § 34-b of the public lands law and shall in addition contain provisions requiring the lessee to take steps which are adequate and necessary to support and maintain such facilities as are being developed by the municipality, the state, or any of its duly constituted agencies.
3. Title to any buildings, structures, substructures or superstructures erected or constructed by the lessee shall vest in the municipality at the termination or expiration of the lease.
4. Any such lease may be entered into without recourse to sealed bids or public auction provided that (a) the amount of rental and all essential terms and conditions of the lease shall have been included in a notice published by the governing board in at least one newspaper of general circulation in the municipality not less than twenty days prior to its proposed execution and that (b) such lease shall be approved by the governing board after a public hearing held not less than ten days after the publication of said notice.
5. Interests granted pursuant to this § of the real property tax law.