N.Y. Gen. Mun. Law § 551

§ 551. Policy and purposes of article. It is hereby declared to be the\npolicy of this state to promote the expeditious undertaking, financing\nand completion of municipal urban renewal programs by the creation of\nmunicipal urban renewal agencies which are hereby declared to be\ngovernmental agencies and instrumentalities and to grant to such urban\nrenewal agencies the rights and powers provided in this article. The use\nof such rights and powers is a public purpose essential to the public\ninterest, and for which public funds may be expended.\n