§ 503. Sale or lease of municipal lands to a housing company.
1.The\nlocal legislative body of a municipality, by resolution, may determine\nthat real property of the municipality, specified and described in such\nresolution is not required for use by the municipality and may authorize\nthe municipality to sell or lease such real property to a housing\ncompany.\n 2. Notwithstanding the provisions of any general, special or local law\nor ordinance, such sale or lease may be made without appraisal, public\nnotice or public bidding for such price or rental and upon such terms\n(and, in case of a lease, for such term not exceeding fifty years with a\nright to one renewal term of thirty years) as may be agreed upon between\nthe municipality and the housing company.\n 3. Before any sale or
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§ 503. Sale or lease of municipal lands to a housing company. 1. The\nlocal legislative body of a municipality, by resolution, may determine\nthat real property of the municipality, specified and described in such\nresolution is not required for use by the municipality and may authorize\nthe municipality to sell or lease such real property to a housing\ncompany.\n 2. Notwithstanding the provisions of any general, special or local law\nor ordinance, such sale or lease may be made without appraisal, public\nnotice or public bidding for such price or rental and upon such terms\n(and, in case of a lease, for such term not exceeding fifty years with a\nright to one renewal term of thirty years) as may be agreed upon between\nthe municipality and the housing company.\n 3. Before any sale or lease to a housing company shall be authorized,\na public hearing shall be held by the local legislative body to consider\nthe proposed sale or lease.\n 4. Notice of such hearing shall be published at least ten days before\nthe date set for the hearing in such publication and in such manner as\nmay be designated by the local legislative body.\n 5. The deed or lease of such property shall be executed in the same\nmanner as a deed or lease by the municipality for other real property\nand shall contain appropriate conditions and provisions to enable the\nmunicipality to re-enter the property in the event of a violation by the\nhousing company of any of the provisions of this chapter relating to\nsuch company or of the conditions or provisions of such deed or lease.\n 6. A housing company purchasing or leasing land from a municipality,\nshall not, without the written approval of the municipality, use such\nland for any purpose except in connection with a project approved under\nthis chapter. The deed shall contain a condition that the company will\ndevote the land granted only for the purposes of a project, subject to\nthe restrictions of this chapter for breach of which the municipality\nshall have the right to re-enter and repossess itself of the land.\n