MARVIN MANDEL, Governor                         1609

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 re-
tained 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 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 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
purchase, lease or the otherwise transfer of any real property ac-
quired by the municipality in the urban renewal area. The