§ 1383-a. Sale or lease of industrial projects. Notwithstanding the provisions of any general, special or local law, subject to any agreement with noteholders or bondholders, the authority may sell or lease any industrial project, without public bidding or public sale, for such price or rental and upon such terms as may be agreed upon between the authority and such purchaser or lessee, either prior to, at the date of, or subsequent to the completion of the industrial project by the authority, provided, however, that in the case of a lease, the term thereof shall not exceed thirty years. Where such contract for sale or lease is entered into after the commencement of construction and prior to the physical completion of the improvement to be conveyed or leased, the authority may complete the construction and development of such improvement prior to the actual conveyance or lease.

Terms Used In N.Y. Public Authorities Law 1383-A

  • authority: shall mean the corporation created by section thirteen hundred seventy-eight of this title. See N.Y. Public Authorities Law 1376
  • Contract: A legal written agreement that becomes binding when signed.
  • Industrial Project: shall mean a project designed and intended for the purpose of providing facilities for manufacturing, warehousing, research, business or other industrial or commercial purposes, including but not limited to machinery and equipment deemed necessary for the operation thereof (excluding raw materials, work in process or stock in trade), on land acquired or to be acquired by the authority for the establishment of an industrial park. See N.Y. Public Authorities Law 1376
  • 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
  Previous section
Next section  
 Title 3 Contents