§ 707. Disposition of property in area proposed to be annexed. 1. Except as may be provided in an agreement among the affected local governments, as authorized by subdivision two of this section concerning the retention, division, regulation, land use or other disposition of real and personal property and rights in real and personal property of any affected local government or governments or any special or improvement district in the territory proposed to be annexed, all real or personal property and rights in real and personal property, including, but not limited to, land use, streets, avenues, roads, highways, bridges, overpasses, underpasses, culverts, sidewalks, street lighting fixtures, and conduits, pipes, drains, either above or below the ground surface, and appurtenances and appurtenant rights in relation thereto, owned by any of such local governments (other than the one to which such territory is annexed) shall become the property of the county, city, village, or town (where the territory is not annexed to a village or villages in the town), to which such territory is annexed as of the date of such annexation, but the ownership of any real and personal property or rights in real and personal property of, or acquired for, special or improvement districts in such territory shall remain unaffected.

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2. At any time prior to their determinations as provided by section seven hundred eleven of this article, the governing boards of the affected local governments, or their designated representatives, shall have power to agree on the retention, division, regulation, land use or other disposition, either with or without consideration, of real or personal property and rights in real or personal property of any such affected local government or of any special or improvement districts in which the territory proposed to be annexed is situated. Any such agreement shall be in writing and shall be executed by such governing boards, or their designated representatives, covering the matters agreed upon. Such agreement may provide for the execution of any deeds or instruments affecting the retention, division, regulation, land use or other disposition of such property, either with or without consideration. Any such agreement shall be followed in the local law to be adopted pursuant to section seven hundred fourteen of this article.