J. MILLARD TAWES, GOVERNOR                              1523

DESIGN OF STRUCTURES AND the obligation to begin with
a reasonable time any improvements on or to such property
as may be required by the urban renewal plan. Such property
or interest shall be sold, leased, otherwise transferred, or re-
tained at not less than its fair value for uses in accordance with
urban renewal plan. In determining the fair value of 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 purchaser
or lessee may SHALL provide that such purchaser or lessee shall be
without power to sell, lease or otherwise transfer the 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. Property acquired 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 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 property in an urban re-
newal area to private persons only under such reasonable competitive
bidding procedures as it shall prescribe or as hereinafter provided
in this subsection. The municipality may, by public notice by pub-
lication in a newspaper having a general circulation in the com-
munity (not less than sixty days prior to the execution of any con-
tract to sell, lease or otherwise transfer property and prior to the de-
livery of any instrument of conveyance with respect thereto under
the provisions of this section) invite proposals from and make avail-
able all pertinent information to private redevelopers or any persons
interested in undertaking to redevelop or rehabilitate an urban re-
newal 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 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 XII-A SHALL ACCEPT THE HIGHEST
AND BEST BID OR PROPOSAL, PROVIDED THAT THE BID-
DER'S RESPONSIBILITY SHALL BE DEMONSTRATED BY
EITHER; (1) A DEPOSIT OF 10% OF THE BID PRICE, OR (2)
A SATISFACTORY BID AND PERFORMANCE BOND OR
BONDS. Thereafter, the municipality may execute and deliver con-