J. MILLARD TAWES, Governor                       1535

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 as-
signs 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 consideration to the uses provided in such plan; the re-
strictions upon, and the covenants, conditions and obligations assumed
by the purchaser or lessee or by the municipality retaining the prop-
erty; and the objectives of such plan for the prevention of the re-
currence of slum or blighted areas. The municipality in any instru-
ment 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 construction
of any or all improvements which he has obligated himself to con-
struct 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 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
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
made by those interested within a specified period of not less than
sixty days after the first day of publication of said notice and that
such further information as is available may be obtained at such
office as shall be designated in said notice. The municipality shall
consider all such redevelopment or rehabilitation proposals and the
financial and legal ability of the persons making such proposal to
carry them out, and may negotiate with any persons for proposals