(1)An authority may
sell, lease, or otherwise transfer real property or any interest therein acquired by it
as a part of an urban renewal project for residential, recreational, commercial,
industrial, or other uses or for public use in accordance with the urban renewal plan,
subject to such covenants, conditions, and restrictions, including covenants running
with the land (and including the incorporation by reference therein of the provisions
of an urban renewal plan or any part thereof), as it deems to be in the public
interest or necessary to carry out the purposes of this part 1. The purchasers,
lessees, transferees, and their successors and assigns are obligated to devote such
real property only to the land uses, designs, building requirements, timing, or
procedure specified
Free access — add to your briefcase to read the full text and ask questions with AI
(1) An authority may
sell, lease, or otherwise transfer real property or any interest therein acquired by it
as a part of an urban renewal project for residential, recreational, commercial,
industrial, or other uses or for public use in accordance with the urban renewal plan,
subject to such covenants, conditions, and restrictions, including covenants running
with the land (and including the incorporation by reference therein of the provisions
of an urban renewal plan or any part thereof), as it deems to be in the public
interest or necessary to carry out the purposes of this part 1. The purchasers,
lessees, transferees, and their successors and assigns are obligated to devote such
real property only to the land uses, designs, building requirements, timing, or
procedure specified in the urban renewal plan and may be obligated to comply with
such other requirements as the authority may determine to be in the public interest,
including the obligation to begin within a reasonable time any improvements on
such real property required by the urban renewal plan. Such real property or
interest shall be sold, leased, or otherwise transferred at not less than its fair value
(as determined by the authority) for uses in accordance with the urban renewal
plan. In determining the fair value of real property for uses in accordance with the
urban renewal plan, an authority shall take into account and give consideration to
the uses provided in such plan; the restrictions upon and the covenants, conditions,
and obligations assumed by the purchaser or lessee; and the objectives of such
plan for the prevention of the recurrence of slum or blighted areas. Real property
acquired by an authority which, in accordance with the provisions of the urban
renewal plan, is to be transferred shall be transferred as rapidly as feasible in the
public interest consistent with the carrying out of the provisions of the urban
renewal plan. Any contract for such transfer and the urban renewal plan (or such
part of such contract or plan as the authority may determine) may be recorded in
the land records of the county in such manner as to afford actual or constructive
notice thereof.
(2) An authority may dispose of real property in an urban renewal area to
private persons only under such reasonable competitive bidding procedures as it
shall prescribe or as provided in this subsection (2). An authority, by public notice by
publication once each week for two consecutive weeks in a newspaper having a
general circulation in the municipality, prior to the execution of any contract to sell,
lease, or otherwise transfer real property and prior to the delivery of any instrument
of conveyance with respect thereto under the provisions of this section, may invite
proposals from and make available all pertinent information to any person
interested in undertaking to redevelop or rehabilitate an urban renewal area or any
part thereof. Such notice shall identify the area, or portion thereof, and shall state
that such further information as is available may be obtained at the office
designated in the notice. The authority shall consider all such redevelopment or
rehabilitation proposals and the financial and legal ability of the persons making
such proposals to carry them out and may negotiate with any persons for proposals
for the purchase, lease, or other transfer of any real property acquired by the
authority in the urban renewal area. The authority may accept such proposal as it
deems to be in the public interest and in furtherance of the purposes of this part 1;
except that a notification of intention to accept such proposal shall be filed with the
governing body not less than fifteen days prior to any such acceptance. Thereafter,
the authority may execute such contract in accordance with the provisions of
subsection (1) of this section and deliver deeds, leases, and other instruments and
take all steps necessary to effectuate such contract.
(3) An authority may temporarily operate and maintain real property
acquired in an urban renewal area pending the disposition of the property for
redevelopment without regard to the provisions of subsection (1) of this section for
such uses and purposes as may be deemed desirable even though not in conformity
with the urban renewal plan.
(4) Anything in subsection (1) of this section to the contrary notwithstanding,
project real property may be set aside, dedicated, and devoted by the authority to
public uses which are in accordance with the urban renewal plan or set aside,
dedicated, and transferred by the authority to the municipality or to any other
appropriate public body for public uses which are in accordance with such urban
renewal plan, with or without compensation for such property and with or without
regard to the fair value thereof as determined in subsection (1) of this section, upon
or subject to such terms, conditions, covenants, restrictions, or limitations as the
authority deems to be in the public interest and as are not inconsistent with the
purposes and objectives and the other applicable provisions of this part 1.