1486                             Laws of Maryland                        [Ch. 827

uses specified in the urban renewal plan, and may be obligated to
comply with such other requirements as the municipality may de-
termine to be in the public interest, including the obligation to be-
gin within a reasonable Untie any improvements on such real prop-
erty required by the urban renewal plan. Such real property or in-
terest shall be sold, leased, otherwise transferred, or retained at
not less than its fair value for uses in accordance with urban re-
newal 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 municipality
retaining the property; and the objectives of such plan for the
prevention of the recurrence of slum or blighted areas. The mu-
nicipality in any instrument 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 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 acquired by the munici-
pality which, in accordance with the provisions of the urban re-
newal plan, is to be transferred, shall be transferred as rapidly as
feasible in the public interest 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 re-
corded 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 re-
newal area to private persons only under such reasonable competi-
tive bidding procedures as it shall prescribe or as hereinafter pro-
vided 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 mu-
nicipality may accept such proposal as it deems to be in the public
interest and in furtherance of the purposes of this Article. There-
after, the municipality may execute and deliver contracts, deeds,
leases and other instruments and take all steps necessary to effectu-
ate such transfers.