§ 36-a. Additional powers of municipalities. In addition to any other\npowers granted to a municipality by law, and notwithstanding the\nprovisions of any other law, a municipality acting by its local\nlegislative body shall have power:\n 1. To undertake, plan, develop, construct or enter into contracts for\nthe planning, development or construction of, or to own one or more\nprojects or any part thereof, or to engage in one or more of such\nactivities in respect to one or more projects or any part thereof. For\nany of the purposes of this subdivision, a municipality may contract\neither with a housing company incorporated under this article or with a\nhousing development fund company incorporated pursuant to article eleven\nof this chapter.\n 2. (a) Acquire by purchase, gift, devise, lease, condemnation or\notherwise, in accordance with the provisions of the appropriate general,\nspecial or local law applicable to the acquisition of real or personal\nproperty by such municipality, real or personal property or any interest\ntherein necessary for or incidental to a project, including but not\nlimited to air rights, and easements or other rights of user necessary\nfor the use and development of such air rights, to be developed as air\nrights sites for a project; provided, however, that the acquisition of\nany air rights over railroad tracks, rights of way or facilities and\neasements or other rights of user necessary for the use and development\nof such air rights are to be subject to the provision of section\nfifty-one-a of the railroad law. The acquisition of real property\npursuant to a plan shall in every case be deemed to be and constitute a\ncontinuous rather than separate takings.\n (b) Property so acquired by a municipality shall be exempt from\ntaxation until sold, leased for a term not exceeding ninety-nine years\nor otherwise disposed of in accordance with the provisions of this\nsection; provided however, that any such municipality shall have the\npower and authority, with respect to such property, to pay or transfer,\nout of funds available to it for the effectuating of such program or\nproject annual sums in lieu of taxes to any taxing jurisdiction\nproviding services to the project area, or to the part or portion\nthereof within such taxing jurisdiction, in order that no such taxing\njurisdiction shall suffer an inequitable loss of revenue by virtue of\nsuch project; provided, further, that the amount so paid or transferred\nfor any year with respect to any such property shall not exceed the\nlesser of (1) the sum last levied for the benefit of such taxing\njurisdiction as an annual tax on such property prior to the time of its\nacquisition for project purposes or (2) such amount as shall be approved\nby the commissioner pursuant to such rules, regulations, limitations and\nconditions as he may prescribe, as an eligible and proper charge against\nsuch project. Upon the sale, lease or disposition of such property to\nany person, firm or corporation, not entitled to an exemption from\ntaxation or entitled to only a partial tax exemption such property shall\nimmediately become subject to taxation in whole or in part, as the case\nmay be, and shall be taxed pro rata for the unexpired portion of the\ntaxable year.\n As used in this paragraph, the term "taxing jurisdiction" means any\nmunicipal corporation or district corporation, including any school\ndistrict or any special district, having the power to levy or collect\ntaxes and benefit assessments upon real property, or in whose behalf\nsuch taxes or benefit assessments may be levied or collected.\n 3. To sell or lease for a term not exceeding ninety-nine years any\nsuch project, or part thereof, at any stage before or at the date of or\nafter the physical completion of such project, to a company which will\nundertake, plan, construct, own, manage or operate such project in\naccordance with the plan and the provisions of this article. In the\nevent of a sale o
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