§ 15-9-115 — Property acquired in project; disposition and use generally

(a) A municipality may:
(i) Sell, lease or otherwise transfer real property
or any interest therein acquired by it in an urban renewal
project;
(ii) Enter into contracts with respect to such
property for residential, recreational, commercial, industrial,
educational or other uses or for public use; or
(iii) Retain the property or interest for public use
in accordance with the urban renewal plan, subject to any
covenants, conditions and restrictions, including covenants
running with the land, as it deems necessary or desirable to
assist in preventing the development or spread of future slums
or blighted areas or to otherwise carry out the purposes of this
chapter.
(b) The sale, lease, other transfer or retention of
property specified in subsection (a) of this section, and any
agreement relating thereto, may be made only after the local
governing body approves the urban renewal plan.
(c) The purchasers or lessees and their successors and
assigns are obliged to devote the real property only to the uses
specified in the urban renewal plan and may be obligated to
comply with any other requirements the municipality determines
to be in the public interest, including the obligation to begin
within a reasonable time any improvements on the real property
required by the urban renewal plan. With respect to any real
property in an urban renewal area acquired by any public body,
political subdivision, agency or office of the state for uses in
accordance with an urban renewal plan, the public body,
political subdivision, agency or office of the state is
authorized to obligate itself and its successors or assigns to
devote the real property only to the uses specified in the urban
renewal plan and, to the extent funds have been authorized or
appropriated, to obligate itself to begin improvements required
by the urban renewal plan.
(d) The real property or interest shall be sold, leased,
otherwise transferred or retained at not less than its fair
value for uses in accordance with the urban renewal plan. In
determining the fair value, a municipality shall give
consideration to:
(i) The uses provided therein;
(ii) The restrictions upon and the conditions and
obligations assumed by the purchaser or lessee or by the
municipality retaining the property; and
(iii) The objectives of the plan for the prevention
of the recurrence of slum or blighted areas.
(e) The municipality in any instrument of conveyance to a
private purchaser or lessee may provide that the purchaser or
lessee is without power to sell, lease or otherwise transfer the
real property without the prior written consent of the
municipality until he has completed the construction of any
improvements which he is obligated to construct thereon. Real
property acquired by a municipality which is to be transferred
in accordance with the provisions of the urban renewal plan,
shall be transferred as rapidly as feasible in the public
interest consistent with carrying out of the provisions of the
plan. Any contract for the transfer and the urban renewal plan
shall be recorded in the land records of the county in the
manner provided by law to afford actual or constructive notice
thereof.