Real Property Acquisition Policy (1-25) FINAL

REAL PROPERTY ACQUISITION POLICY
I. Purpose and Execution
       Pursuant to Section 2824 of the Public Authorities Law the following policy (“Policy”)
       shall be applicable with respect to the acquisition of real property and any interests therein
       (“Real Property”) by the Agency.
II. Acquisition of Real Property
       Real Property may be acquired by purchase, lease or otherwise by the Agency for use,
       development, resale, leasing or other uses designated by the Agency. The purpose of each
       acquisition of Real Property by the Agency shall be to further one or more purposes of the
       Agency or for a purpose otherwise permitted under applicable state law.
III. Review and Approval of Real Property Acquisitions
       A. Prior to each acquisition of Real Property, Agency staff will conduct such due diligence
       as is appropriate in accordance with the particular circumstances of the proposed
       acquisition. Such due diligence may include, but is not limited to, Real Property appraisals
       and review and investigation of environmental, structural, title, pricing and other applicable
       matters.
       B. Proposed acquisitions along with Agency staff due diligence shall be presented to the
       Members of the Agency for approval or other appropriate action.
       C. Members of the Agency will evaluate proposed acquisitions of Real Property based
       upon the strategic fit of the property to the Agency’s goals.
       D. A deed, bill of sale, lease, or other instrument executed by or on behalf of the seller of
       the Real Property and accepted by the Agency, purporting to transfer title or any other
       interest in property of the seller to the Agency in accordance herewith shall be conclusive
       evidence of compliance with the provisions of these guidelines and all applicable law
       insofar as concerns title or other interest of any bona fide grantor or transferor who has
       received valuable consideration for such title or other interest and has not received actual
       or constructive notice of lack of such compliance prior to closing.

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Real Property Acquisition Policy – Revised January 2025