§ 6 — Sale or lease of land use improvement projects

§ 6. Sale or lease of land use improvement projects. (1) The\ncorporation may sell or lease for a term not exceeding ninety-nine years\nall or any portion of the real or personal property constituting a land\nuse improvement project to any person, firm, partnership or corporation,\neither public or private, upon such terms and conditions as may be\napproved by the corporation, whenever the corporation shall find that\nsuch sale or lease is in conformity with a plan or undertaking for the\nclearance, replanning, reconstruction or rehabilitation of sub-standard\nand insanitary areas in the municipality in which the project is\nlocated. Such sale or lease may be made:\n (a) to any housing company, without public bidding, public sale or\npublic notice;\n (b) to any local development corporation, without public bidding,\npublic sale or public notice;\n (c) to any other person, firm, partnership or corporation, without\npublic bidding or public sale, provided there is published in at least\none newspaper of general circulation in the municipality in which the\nproject is located a notice which shall include a statement of the\nidentity of the proposed purchaser or lessee and of his proposed use or\nreuse of the land use improvement project area or applicable portion\nthereof, the price or rental to be paid by such purchaser or lessee, all\nother essential conditions of such sale or lease, and a statement that a\npublic hearing upon such sale or lease will be held before the\ncorporation at a specified time and place on a date not less than ten\ndays after such publication, and provided further that such public\nhearing is held in accordance with such notice.\n