NY S09310

City of Troy authorized to lease subsurface lands in Riverfront Park for up to 30 years at fair market value for district geothermal wells and distribution lines, notwithstanding restrictions in General City Law section 20.

City must restore the surface of the leased land for use as parkland upon completion of subsurface equipment installation.

Lease proceeds must be dedicated toward acquisition of new parklands and/or capital improvements to existing park and recreational facilities.

Lease automatically terminates and land reverts to the city for public park purposes if the land ceases to be used for geothermal purposes; equipment must be removed and property returned to its previous state.

City must comply with all applicable federal requirements regarding parkland conversion or alienation, including obtaining secretary of the interior approval and ensuring substitute lands are equivalent in fair market value and usefulness.