§ 557-a. Lands, easements and rights in land. 1. Lands in fee simple, easements and rights in land, including the right to cut off light, air and access (any and all of which are in this section referred to as "lands") shall after January first, nineteen hundred forty be acquired as provided in this section for the project and other authorized purposes, and the provisions of sections five hundred fifty-five, five hundred fifty-six and five hundred fifty-seven of this chapter shall not apply.

2. The authority may acquire lands for said project in the name of the city at the cost and expense of the authority by purchase or condemnation pursuant to the condemnation law. The authority shall have the use and occupancy of such lands so long as its corporate existence shall continue.

3. The city may, by resolution of the board of estimate, or by deed authorized by such a resolution, convey, with or without consideration, to the authority for the project the use and occupancy, for so long as its corporate existence shall continue, of any lands then owned by the city including lands which, by any other law, are inalienable by the city, and such conveyance may reserve to the city such rights as shall not restrict the authority in the construction, reconstruction, operation and maintenance of the project.

4. The city may acquire lands in the name of the city for the project or for the widening of existing roads, streets, parkways, avenues or elevated highways or for new roads, streets, parkways, avenues or elevated highways connecting with said project, or partly for such purposes and partly for other city purposes, by purchase or condemnation in the manner provided by law for the acquisition of land by the city. Contracts may be entered into between the city and the authority providing for the lands to be acquired by the city, and the part or proportion of the cost and expense to be paid by the authority, the balance to be paid by the city, and terms and conditions of payment to be made by the authority. Such contracts may also determine the improvements and construction to be done by the authority. Such roads, streets, parkways, avenues and elevated highways connecting with the project shall be operated, maintained, and reconstructed by the city, and except for the original construction and improvement thereof by the authority, the city shall have exclusive jurisdiction over them.

5. The mayor may authorize a contract between the city and the authority and no other authorization on the part of the city for such a contract shall be necessary. Any such contract may be so authorized and entered into by the city and the payments required to be made by the city may be made and financed notwithstanding that no provision therefor shall have first been made in the capital budget of the city. All contractual or other obligations of the city incurred in carrying out the provisions of this title shall be included in and provided for by such capital budget of the city thereafter made, to the extent that they may appropriately be included therein.