1316                             Laws of Maryland                        [Ch. 755

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 of real property for uses in ac-
cordance with the urban renewal plan, the municipality shall take
into account and give consideration to the uses provided in such plan;
the restrictions upon, and the covenants, conditions and obligations
assumed by the purchaser or lessee or by the municipality retaining
the property; and the objectives of such plan for the prevention of
the recurrence of slum or blighted areas. The municipality in any in-
strument of conveyance to a private purchaser or lessee may provide
that such purchaser or lessee shall be without power to sell, lease or
otherwise transfer the real property without the prior written con-
sent of the municipality until he has completed the construction of
any or all improvements which he has obligated himself to construct
thereon. Real property acquired by the municipality which, in ac-
cordance with the provisions of the urban renewal plan, is to be trans-
ferred, shall be transferred as rapidly as feasible in the public in-
terest consistent with the carrying out of the provisions of the urban
renewal plan. Any contract for such transfer and the urban renewal
plan (or such part or parts of such contract or plan as the municipality
may determine) may be recorded in the Land Records of the county
in which the municipality is situated in such manner as to afford
actual or constructive notice thereof.

(b)   The municipality may dispose of real property in an urban
renewal area to private persons only under such reasonable com-
petitive bidding procedures as it shall prescribe or as hereinafter
provided in this subsection. The municipality may, by public notice
by publication in a newspaper having a general circulation in the
community (not less than sixty days prior to the execution of any
contract to sell, lease or otherwise transfer real property and prior
to the delivery of any instrument of conveyance with respect thereto
under the provisions of this section) invite proposals from and make
available all pertinent information to private redevelopers or any
persons interested in undertaking to redevelop or rehabilitate an
urban renewal area, or any part thereof. Such notice shall identify
the area, or portion thereof, and shall state that proposals shall be
made by those interested within a specified period of not less than
sixty days after the first date of publication of said notice, and that
such further information as is available may be obtained at such
office as shall be designated in said notice. The municipality shall
consider all such redevelopment or rehabilitation proposals and the
financial and legal ability of the persons making such proposals to
carry them out, and may negotiate with any persons for proposals
for the purchase, lease or other transfer of any real property ac-
quired by the municipality in the urban renewal area. The munici-
pality may accept such proposal as it deems to be in the public in-
terest and in furtherance of the purposes of this sub-heading. There-
after, the municipality may execute and deliver contracts, deeds,
leases and other instruments and take all steps necessary to effec-
tuate such transfers.

(c)  The municipality may temporarily operate and maintain real
property acquired by it in an urban renewal area for or in connection
with an urban renewal project pending the disposition of the prop-
erty as authorized in this sub-heading, without regard to the pro-
visions of sub-section (a) above, for such uses and purposes as may