1532                                Laws of Maryland                        [ch. 843

public hearing on an urban renewal project after public notice
thereof by publication in a newspaper having a general circulation
within the corporate limits of the municipality. The notice shall
describe the time, date, place and purpose of the hearing, shall gen-
erally identify the urban renewal area covered by the plan, and shall
outline the general scope of the urban renewal project under con-
sideration. Following such hearing, the municipality may approve an
urban renewal project and the plan therefor if it finds that: (1) a
feasible method exists for the location of any families who will be
displaced from the urban renewal area in decent, safe and sanitary
dwelling accommodations within their means and without undue hard-
ship to such families; (2) the urban renewal plan substantially con-
forms to the master plan of the municipality as a whole; and (3)
the urban renewal plan will afford maximum opportunity, consistent
with the sound needs of the municipality as a whole, for the re-
habilitation or redevelopment of the urban renewal area by private
enterprise.

An urban renewal plan may be modified at any time, provided
that if modified after the lease or sale of real property in the urban
renewal project area, the modification may be conditioned upon such
approval of the owner, lessee or successor in interest as the munic-
ipality may deem advisable and in any event shall be subject to
such rights at law or in equity as a lessee or purchaser, or his suc-
cessor or successors in interest, may be entitled to assert. Where
the proposed modification will substantially change the urban re-
newal plan as previously approved by the municipality, the modi-
fication shall be formally approved by the municipality, as in the case
of an original plan.

Upon the approval by the municipality of an urban renewal plan
or of any modification thereof, such plan or modification shall be
deemed to be in full force and effect for the respective urban re-
newal area and the municipality may then cause such plan or modi-
fication to be carried out in accordance with its terms.

Section 269. 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, educa-
tional or other uses 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, including cove-
nants running with the land, as it may deem to be necessary 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 subtitle. 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 deter-
mine 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