§ 507. Disposition of property. 1. In addition to employing any other\nlawful method of utilizing or disposing of any real property, and\nappurtenances thereto or any interest therein owned by a municipality or\nacquired by it pursuant to section five hundred six of this article, a\nmunicipality may sell, lease for a term not exceeding ninety-nine years,\nor otherwise dispose of any such real property and appurtenances\nthereto, to any person, firm or corporation at the highest marketable\nprice or rental at public auction or by sealed bids pursuant to the\nprovisions of any general, special or local laws applicable to the sale\nor disposition of real property by said municipality.\n 2. Notwithstanding anything to the contrary contained in this article\nand notwithstanding the provisions of any general, special or local law\napplicable to the sale of real property by a municipality, such real\nproperty and appurtenances thereto may be sold, leased for a term not\nexceeding ninety-nine years or otherwise disposed of for the\neffectuation of any of the purposes of the urban renewal program in\naccordance with the urban renewal plan:\n (a) to any limited profit housing company organized pursuant to the\nprovisions of article two of the private housing finance law without\npublic auction or sealed bids;\n (b) to any limited dividend housing company organized pursuant to\narticle four of the private housing finance law or redevolpment company\norganized pursuant to article five of the private housing finance law,\nwithout public auction or sealed bids provided that notice of such sale,\nlease or other disposition is published and a public hearing is held\nbefore the governing body not less than ten days after such publication;\n (c) to any person, firm or corporation designated by the agency and\napproved by the governing body as a qualified and eligible sponsor in\naccordance with established rules and procedures prescribed by the\nagency, provided that (1) the agency has published, in at least one\nnewspaper of general circulation in the municipality at least ten days\nprior to such sale, lease or other disposition, a notice which shall\ninclude a statement of the identity of the proposed sponsor and of his\nproposed use or reuse of the urban renewal area or of the applicable\nportion thereof; such notice shall be in such form and manner as may be\nprescribed by the agency and, in the case of projects aided by a state\nloan, periodic subsidy or capital grant or in which application has been\nmade for such loan, subsidy or grant, as approved by the commissioner;\n(2) such proposed sponsor agrees to pay the minimum price or rental\nfixed by the agency for such real property; (3) such proposed sponsor\nmatches any bid higher than the said minimum price or rental, and (4)\nsuch sale, lease or other disposition shall require effectuation of the\npurpose thereof within a definite and reasonable period of time. In the\nevent that such qualified and eligible sponsor does not agree to pay the\nminimum price or rental fixed by the agency or fails to match any higher\nbid than such minimum price or rental, a municipality may, in its sole\ndiscretion and only if consistent with the urban renewal plan, sell or\nlease for a term not exceeding ninety-nine years any such real property\nand appurtenances thereto, to any person, firm or corporation, the\nproperty acquired from such person, firm or corporation or substantially\nequivalent property within the urban renewal area, provided that such\nformer owner (1) agrees to pay the said minimum price or rental and (2)\nmatches any higher bid than said minimum price or rental, and\n (d) to any person, firm or corporation designated by the agency as a\nqualified and eligible sponsor pursuant to the provisions of clause (1)\nof subsection (c) of this subdivision without public auction or sealed\nbids, provided that (1) the price or rental to be paid by such sponsor\nfor such property and all othe
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