§ 460. Lease and other agreements. 1. Any agreement entered into\nbetween the fund and the owner or developer of a proposed combined\noccupancy structure pursuant to section four hundred fifty-four of this\nchapter shall provide for (i) the construction, acquisition,\nreconstruction, rehabilitation or improvement of one or more combined\noccupancy structures, and the purchase or acquisition of the original\nfurnishings, equipment, machinery and apparatus to be used in the school\nportion of a combined occupancy structure upon completion of the work,\n(ii) the reconveyance, retransfer or leasing of all or any portion\nthereof and of the real property or interest therein related thereto,\nincluding real property originally acquired by the board of education in\nthe name of the city of New York, upon the completion of construction,\nacquisition, reconstruction, rehabilitation or improvement upon such\nterms and conditions as may be agreed upon in those instances where\nthere has been a prior conveyance, transfer or lease by the Fund to the\nowner or developer, (iii) the leasing or subleasing of such combined\noccupancy structures and property, or separately of the school and\nnon-school portions thereof, by the fund upon completion for a term not\nexceeding ninety-nine years and upon such terms and conditions including\nannual rental as may be agreed upon, and (iv) the conveyance to the\nboard of education in the name of the city of New York of title to the\nschool portion of any such combined occupancy structures at the\nexpiration of the term of the lease, or any renewal or extension\nthereof, or upon earlier payment in full of the total amount specified\ntherein, without additional charge therefore. The board of education\nshall approve any such agreement.\n 2. a. Any lease, sublease or other agreement entered into between the\nfund and the owner or developer of a proposed combined occupancy\nstructure shall provide for payment to the fund of the fair market value\nof such easements, space rights, air rights or other fee or leasehold\ninterests as are to be held or retained by such owner or developer or\nhis successor in interest under the terms of such agreement; provided\nthat where subsidized housing, as hereinafter defined, is intended to be\nbuilt in or on said easements, space rights, air rights or other fee or\nleasehold interests, the appropriate document may provide, in the\ndiscretion of the fund, for payment to the fund of less than the fair\nmarket value of such easements, space rights, air rights, or other fee\nor leasehold interests. As used in this paragraph, subsidized housing\nshall mean dwelling units aided by one or more federal, state or\nmunicipal programs designed to provide low or moderate income housing.\n b. Whenever the easements, space rights, air rights or other fee or\nleasehold interests held or retained by such owner or developer, if\nother than the New York city housing authority, and/or the non-school\nimprovements constructed or erected therein or thereon, shall be exempt\nfrom real property taxes pursuant to the provisions of section four\nhundred sixty-eight of this article, such lease, sublease or other\nagreement shall also provide for the payment to the fund of annual or\nother periodic amounts equal to the amount of real property taxes that\nwould otherwise have been paid or payable with respect to such\neasements, space rights, air rights or other fee or leasehold interests,\nand with respect to the non-school improvements constructed or erected\ntherein or thereon, over the term of such lease, sublease or other\nagreement. Where such lease, sublease, or other agreement provides for\nthe annual or other periodic payment of a fixed sum or sums as a tax\nequivalency payment during the term of such a lease, sublease, or other\nagreement, or any part thereof, the sum or sums to be paid may be either\ngreater or less than the actual amount of real property taxes that would\notherwise have
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