1642                               LAWS OF MARYLAND                         [CH. 783

be deemed to be in full force and effect for the respective urban
renewal area and the municipality may then cause such plan or modi-
fication 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 prop-
erty or any interest therein acquired for it by an urban renewal proj-
ect, for residential, recreational, commercial, industrial, educational
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 run-
ning with the land, as it may deem to be necessary or desirable to as-
sist in preventing the development or spread of future shims or
blighted area or to otherwise carry out the purposes of this subhead-
ing. 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 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 con-
sideration to the uses provided in such plan; the restrictions upon,
and the covenants, conditions and obligations assumed by the pur-
chaser 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 covey-
ance 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 munici-
pality until he has completed the construction of any or all improve-
ments 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 deter-
mine) 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 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