J. MILLARD TAWES, Governor                         115

shall outline the general scope of the urban renewal project under
consideration. 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
hardship to such families; (2) the urban renewal plan substantially
conforms 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 rehabili-
tation or redevelopment of the urban renewal area by private
enterprise.

(b)  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 successor
or successors in interest, may be entitled to assert. Where the pro-
posed modification will substantially change the urban renewal plan
as previously approved by the municipality, the modification shall be
formally approved by the municipality as in the case of an original
plan.

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

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, educa-
tional 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 necessary
or desirable to assist in preventing the development or spread of
future slums or blighted area or to otherwise carry out the purposes
of this sub-heading. 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 prop-
erty 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 the 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 obli-
gations assumed by the purchaser or lessee or by the municipality
retaining the property; and the objectives of such plan for the pre-
vention of the recurrence of slum or blighted areas. The municipality