1108                              LAWS OF MARYLAND                        [CH. 624

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 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 restric-
tions 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 recur-
rence 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 construction 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 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
persons interested in undertaking to redevelop or rehabilitate an