J. MILLARD TAWES, GOVERNOR                              1497

The purchasers or lessees and their successors 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 municipality retaining the property; and the objec-
tives of such plan for the prevention of the recurrence of slum or
blighted areas. The municipality 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 municipality which, in accordance with the pro-
visions of the urban renewal 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 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 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 acquired by
the municipality in the urban renewal area. The municipality may
accept such proposal as it deems to be in the public interest and in
furtherance of the purposes of this Article. Thereafter, the munici-
pality may execute and deliver contracts, deeds, leases and other
instruments and take all steps necessary to effectuate such transfers.