§ 970-L — Property disposition, rehabilitation and development

§ 970-l. Property disposition, rehabilitation and development. (a) A\nmunicipality in order to implement a redevelopment plan adopted by the\nlegislative body, may for purposes of redevelopment, sell, lease,\nexchange, subdivide, transfer, assign, pledge, encumber by mortgage,\ndeed of trust or otherwise, or otherwise dispose of any real or personal\nproperty or any interest in property. Any lease or sale may be made\nwithout public bidding but only after a public hearing, notice of which\nshall be given by publication for not less than once a week for two\nweeks prior to the hearing in a newspaper of general circulation\npublished in the county in which the land lies. Except as otherwise\nprovided by this article the municipality shall lease or sell all real\nproperty acquired by it in any project area, except property conveyed by\nit to a municipality, school district or improvement district for public\npurposes as provided by the redevelopment plan. Each such lease or sale\nshall be conditioned on the redevelopment and use of the property in\nconformity with the redevelopment plan.\n (b) The municipality may obligate lessees or purchasers of property\nacquired in a redevelopment project to use the property for the purpose\ndesignated in the redevelopment plan, begin the redevelopment of the\nproject area within a period of time which the agency fixes as\nreasonable and comply with other conditions which the agency deems\nnecessary to carry out the purposes of this article. The municipality\nmay provide in the contract that any of the obligations of the\npurchasers are covenants or conditions running with the land, the breach\nof which shall cause the ownership to revert to the agency.\n (c) The municipality may sell, lease, grant, or donate real property\nowned or acquired by it in a project area for the purpose of providing\nhousing for low or moderate income individuals or families.\n (d) Property acquired by the municipality for rehabilitation and\nresale shall be offered for resale within one year after completion of\nrehabilitation, or in the event that such property has not been offered\nfor resale within one year an annual report shall be published by the\nagency in a newspaper of general circulation published in the\nmunicipality listing any rehabilitated property held by the agency in\nexcess of such one-year period, stating the reasons such property\nremains unsold and indicating plans for its disposition.\n (e) The term of lease by the agency of real property shall not exceed\nninety-nine years.\n