550 – Short Title.

§ 550. Short title. This article may be cited as the “Urban Renewal Agency Act. “

551 – Policy and Purposes of Article.

§ 551. Policy and purposes of article. It is hereby declared to be the policy of this state to promote the expeditious undertaking, financing and completion of municipal urban renewal programs by the creation of municipal urban renewal agencies which are hereby declared to be governmental agencies and instrumentalities and to grant to such urban […]

552 – Definitions.

§ 552. Definitions. As used or referred to in this article unless a different meaning clearly appears from the context: 1. “Agency” shall mean an urban renewal agency created pursuant to this article. 2. “Bonds” shall mean any bonds, notes, interim certificates, debentures, or other obligations issued by an agency pursuant to this article. 3. […]

553 – Organization of Urban Renewal Agencies.

§ 553. Organization of urban renewal agencies. 1. (a) Upon the establishment of a municipal urban renewal agency by special act of the legislature, the mayor of the city or village wherein such agency is established, or the town board of the town, shall file within six months after the effective date of the special […]

554 – Powers of an Agency.

§ 554. Powers of an agency. Subject to the provisions of article fifteen of this chapter, an agency is authorized to plan and undertake one or more urban renewal projects and shall have the powers necessary or convenient to carry out and effectuate such project or projects and the purposes and provisions of this article […]

554-A – Agency Contracts.

§ 554-a. Agency contracts. Except as otherwise expressly provided by an act of the legislature, provisions of state and local law applicable to the letting of public works and purchase contracts by the municipality for which an agency is established shall apply to the same degree and extent to such agency.

555 – Acquisition of Property.

§ 555. Acquisition of property. 1. (a) Real property or any interest therein, including but not limited to air rights, and easements or other rights of user necessary for the use and development of such air rights, to be developed as air rights sites for the elimination of the blighting influences over an area or […]

556 – Disposition of Property.

§ 556. Disposition of property. 1. An agency may sell, lease for a term not exceeding ninety-nine years, or otherwise dispose of any real property and appurtenances thereto or any interest therein acquired by it pursuant to section five hundred fifty-five of this article, to any person, firm or corporation at the highest marketable price […]

557 – State Capital Grants.

§ 557. State capital grants. 1. The commissioner may in the name of the state, (a) in the case of agencies which have contracted with the federal government for a capital grant (or for a loan and grant) make or contract to make, within appropriations therefor, a state capital grant to such agency to assist […]

558 – Authority of Agency; Other Terms and Contracts.

§ 558. Authority of agency; other terms and contracts. 1. An agency is authorized to enter into agreement with the state to receive such state capital grants to assist such agency to establish and carry out one or more programs of urban renewal. 2. In every contract for a capital grant by the state, the […]

559 – Bonds of an Agency.

§ 559. Bonds of an agency. 1. (a) An agency shall have power and is hereby authorized from time to time to issue its negotiable bonds and notes in conformity with applicable provisions of the uniform commercial code in such principal amount as, in the opinion of the agency, shall be necessary to provide sufficient […]

560 – Exemption From Taxation of Property and Income.

§ 560. Exemption from taxation of property and income. The property of an agency and its income and operations shall be exempt from taxation.

561 – Exemption From Taxation of Bonds.

§ 561. Exemption from taxation of bonds. Bonds, mortgages, notes and other obligations of an agency are declared to be issued for a public purpose and to be public instrumentalities and together with interest thereon, shall be exempt from taxation.

561-A – Accounts, Reports and Audits.

§ 561-a. Accounts, reports and audits. 1. The accounting records of an agency shall be maintained in accordance with a system prescribed by the state comptroller. 2. Within sixty days after the close of the fiscal year, an agency shall submit an annual report of its financial condition to the commissioner and to the state […]

561-B – Fiscal Year.

§ 561-b. Fiscal year. The fiscal year of an agency shall begin on the same day and end on the same day of the calendar month on which the fiscal year of the municipality wherein such agency is established shall begin and end.

562 – Powers Additional and Supplemental.

§ 562. Powers additional and supplemental. The powers conferred by this article shall be in addition and supplemental to existing powers relating to the effectuating of an urban renewal program, and this article shall not be construed as repealing any of the provisions of any other law, general or special. Nothing in this article shall […]

563 – Separability Clause.

§ 563. Separability clause. If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid such judgment shall not affect, impair, or invalidate the remainder hereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly […]