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10 E. REALTY v. VALLEY STREAM

12 N.Y.3d 212 (2009)

___ N.E.2d ___

___ N.Y.S.2d ___

In the Matter of 10 EAST REALTY, LLC, et al., Respondents, v. INCORPORATED VILLAGE OF VALLEY STREAM et al., Appellants.

Court of Appeals of New York.

Decided March 31, 2009.

Attorney(s) appearing for the Case

Ryan, Brennan & Donnelly, LLP, Floral Park (John E. Ryan of counsel), McKenna & Schneier, Valley Stream (Patrick Michael McKenna of counsel), and Minerva & D'Agostino, P.C. (Dominick M. Minerva and Ross M. Gerber of counsel), for appellants.

Law Offices of Jordan M. Hyman, Valley Stream (Jordan M. Hyman of counsel), for respondents.

Kathleen O'Neill, Albany, for New York State Conference of Mayors and Municipal Officials, amicus curiae.

Michael A. Cardozo, Corporation Counsel, New York City (Leonard Koerner, Francis F. Caputo and Elizabeth I. Freedman of counsel), for City of New York, amicus curiae.

Judges CIPARICK, GRAFFEO, READ, SMITH and PIGOTT concur; Chief Judge LIPPMAN taking no part.

OPINION OF THE COURT

JONES, J.

The issue before this Court is whether a purchase-money mortgage taken by a municipality to secure the payment of the consideration in connection with a sale of municipal property to a private entity violates article VIII, § 1 of the New York Constitution.

In 2002, respondent, the Incorporated Village of Valley Stream (the Village), sold a parcel of land owned by the...

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