J. MILLARD TAWES, Governor                        207

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
in any instrument of conveyance 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 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 com-
petitive bidding procedures as it shall prescribe or as hereinafter
provided in this sub-section. 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
persons interested in undertaking to redevelop or rehabilitate an
urban renewal area, or any part thereof. Such notice shall identify
the area, or portion thereof, and shall state that proposals shall be