1383-A - Sale or lease of industrial projects.
§ 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.