2142                                 MUNICIPAL CHARTERS

(A)   POWERS; PROCEDURE. 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, 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
DEVELOPMENT OR SPREAD OF FURTURE 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 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 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
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 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)  SAME; NOTICE. THE MUNICIPALITY MAY DISPOSE OF REAL
PROPERTY IN AN URBAN RENEWAL AREA TO PRIVATE PERSONS
ONLY UNDER SUCH REASONABLE COMPETITIVE BIDDING
PROCEDURES AS IT SHALL PRESCRIBE OR AS HEREINAFTER
PROVIDED IN THIS SUBSECTION. THE MUNICIPALITY MAY, BY