§ 15-9-118 — Property acquired in project; disposition when area designated under federal provisions

Notwithstanding any other provisions of this chapter, if the
municipality is situated in an area designated as a
redevelopment area under the Federal Area Redevelopment Act 42
U.S.C. 3161 et seq., land in an urban renewal project area
designated under the urban renewal plan for industrial or
commercial uses may be disposed of to any public body or
nonprofit corporation for subsequent disposition as promptly as
practicable by the public body or corporation for redevelopment
in accordance with the urban renewal plan. Only the purchaser
from or lessee of the public body or corporation, and their
assignees, are required to assume the obligation of beginning
the building of improvements within a reasonable time. Any
disposition of land to a public body or corporation under this
section shall be made at its fair value for uses in accordance
with the urban renewal plan.