1476                               Laws of Maryland                          [Ch. 826

renewal area and the municipality may then cause such plan or
modification to be carried out in accordance with its terms.

Section 6. Disposal of Property in Urban Renewal Area.

a)    The municipality may sell, lease or otherwise transfer real
property or any interest therein acquired for it by an urban renewal
project, for residential, recreational, commercial, industrial, edu-
cational or other uses or for public use, or may retain such property
or interest for public use, in accordance with the urban renewal
plan, subject to such covenants, conditions and restrictions, includ-
ing covenants running with the land, as it may deem to be neces-
sary 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 Article. The purchasers or lessees and their suc-
cessors and assigns shall be obligated to devote such real property
only to the uses specified in the urban renewal plan, and may be
obligated to comply with such other requirements as the municipality
may determine to be in the public interest, including the obligation
to begin within a reasonable time any improvements on such real
property required by the urban renewal plan. Such real property
or interest shall be sold, leased, otherwise transferred, or retained
at not less than its fair value for uses in accordance with urban
renewal plan. In determining the fair value of real property for
uses in accordance 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 mu-
nicipality retaining the property; and the objectives of such plan
for the prevention of the recurrence of slum or blighted areas. The
municipality in any instrument of conveyance to a private pur-
chaser or lessee may SHALL provide that such purchaser or lessee
shall be 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 or all improvements which
he has obligated himself to construct thereon. Real property ac-
quired by the municipality which, in accordance with the provisions of
the urban renewal plan, is to be transferred, shall be transferred as
rapidly as feasible in the public interest consistent with the carry-
ing 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 con-
structive 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 iden-