396                             laws of Maryland                     ch. 336]

renewal, project, for residential, recreational, commercial, industrial,
educational or other uses or for public use, or may retain such prop-
erty 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 article. 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 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 property for uses in ac-
cordance 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 objectives of such plan for the
prevention of the recurrence of slum or blighted areas. The munici-
pality 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 munici-
pality 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 provi-
sions 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 pur-
chase, lease or the otherwise transfer of any real property acquired
by the municipality in the urban renewal area. The municipality