§ 33-05 Site Disposition.
RCNY § 33-05
(a)Approvals. The Agency shall not make any Disposition until and unless the following approvals have been granted: (1) Governing Body Approval. All Dispositions shall require prior approval by the Governing Body and shall be subject to any further terms and conditions imposed by the Governing Body as a condition for its approval.
(2)Law Department Approval. All legal documents relating the transfer of title or otherwise relating to the Project shall require prior approval by the Law Department.
(3)Agency Approval. Notwithstanding the prior approval of the Governing Body and the Law Department, all Dispositions shall require prior approval by the Agency, which approval may be withdrawn by the Agency, for any reason deemed by the Agency to be in the best interests of the City, at any time prior to Disposition. As a condition precedent to its approval of any Disposition, the Agency may require a potential Sponsor to have satisfied all terms and conditions determined by the Agency to be necessary or desirable, including, but not limited to, the terms and conditions set forth in any selection process, Authorization Letter, Negotiation Letter, or Loan commitment letter.
(b)Legal Documents. The Agency may require a Sponsor to execute such legal documents, including, but not limited to, a deed, land disposition agreement, and regulatory agreement, as the Agency deems necessary or desirable to transfer title to the Site, enforce the obligations of the Sponsor, effectuate the purposes of the Project, and otherwise protect the best interests of the City. Such documents may contain such terms and conditions, consistent with these Rules, as are required by the City on a city-wide basis or as the Agency determines are necessary or desirable to transfer fee title or any other real property interest in the Site, enforce the obligations of the Sponsor, effectuate the purposes of the Project, and otherwise protect the best interests of the City.
