SPIRO T. AGNEW, Governor                         1301

purposes of this article. The purchasers or lessees and their suc-
cessors 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 as such, 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 prop-
erty 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 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 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 parts of
the 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)    Procedure. The municipality may dispose of real property
in such an urban renewal area to private persons only under such
reasonable competitive bidding procedures as it shall prescribe as
hereinafter provided in this article. 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 redevelop-
ment or redevelopers or any persons interested in undertaking to
develop or rehabilitate an urban renewal area, or any part 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. The municipality shall consider all
such redevelopment or rehabilitation proposals and the financial and
legal ability of the persons making such proposals to carry them out,
and may negotiate with any persons for proposals for the purchase,
lease or the otherwise transfer of any real property acquired by the
municipality in the urban renewal area. The municipality may
accept such proposals as it deems to be in the public interest and in
furtherance of the purposes of this article. Thereafter, the munic-
ipality may execute and deliver contracts, deeds, leases and other
instruments and take all steps necessary to effectuate such transfers.

(c)    Temporary operation. The municipality may temporarily
operate and maintain real property acquired by it in an urban re-