J. MILLARD TAWES, Governor                         1341

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, including
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
subheading. 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 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 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 municipality in any
instrument of conveyance to a private purchaser or lessee may pro-
vide 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 con-
struction of any or all improvements which he has obligated himself
to construct thereon. Real 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 real property in an urban
renewal 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