1462                           LAWS OF MARYLAND                       CH. 720

(c)    Effect. Upon the approval by the municipality of an urban
renewal plan or of any modification thereof, such plan or modifica-
tion shall 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.

(d)     The municipality, prior to undertaking urban renewal proj-
ects within the territorial boundaries of incorporated areas, shall
receive a resolution from the governing body of the incorporated
area, stating approval of the urban renewal plan or plans.

18-17. Disposal of property in area.

(a)    Powers. 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, in-
dustrial, 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 running with the land, as it may
deem to be necessary or desirable to assist in preventing the develop-
ment 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 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 prop-
erty for uses in accordance with the urban renewal plan, the munici-
pality 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 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 conveyance to a private pur-
chaser 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 carry-
ing 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 munici-
pality is situated in such manner as to afford actual or constructive
notice thereof.

(b)    Procedure. The municipality may dispose of real property
in an urban renewal area to private persons only under such reason-
able competitive bidding procedures as it shall prescribe or as here-
inafter provided in this subsection. The municipality may, by pub-
lic notice by publication in a newspaper having a general circulation