MARVIN MANDEL, Governor

2265

PLAN AS APPROVED PREVIOUSLY BY THE MUNICIPALITY, THE
MODIFICATION SHALL BE APPROVED FORMALLY BY THE
MUNICIPALITY, AS IN THE CASE OF AN ORIGINAL PLAN.

(C) UPON THE APPROVAL BY THE MUNICIPALITY OF AN
URBAN RENEWAL PLAN OR OF ANY MODIFICATION OF IT, THE PLAN
OR MODIFICATION SHALL BE CONSIDERED TO BE IN FULL FORCE
AND EFFECT FOR THE RESPECTIVE URBAN RENEWAL AREA, THE
MUNICIPALITY MAY HAVE THE PLAN OR MODIFICATION CARRIED
OUT IN ACCORDANCE WITH ITS TERMS.

183H. DISPOSAL OF PROPERTY IN URBAN RENEWAL AREA

(A) THE MUNICIPALITY MAY SELL, LEASE OR OTHERWISE
TRANSFER REAL PROPERTY OR ANY INTEREST IN IT ACQUIRED BY
IT FOR AN URBAN RENEWAL, PROJECT TO ANY PERSON FOR
RESIDENTIAL, RECREATIONAL, COMMERCIAL, INDUSTRIAL,
EDUCATIONAL OR OTHER USES OR FOR PUBLIC USE, OR IT MAY
RETAIN THE PROPERTY OR INTEREST FOR PUBLIC USE, IN
ACCORDANCE WITH THE URBAN RENEWAL PLAN AND SUBJECT TO
WHATEVER COVENANTS, CONDITIONS AND RESTRICTIONS,
INCLUDING COVENANTS RUNNING WITH THE LAND, AS IT
CONSIDERS NECESSARY OR DESIRABLE TO ASSIST IN PREVENTING
THE DEVELOPMENT OR SPREAD OF FUTURE SLUMS OR BLIGHTED
AREAS OR TO OTHERWISE CARRY OUT THE PURPOSES OF THIS
SUBHEADING. THE PURCHASERS OR LESSEES AND THEIR
SUCCESSORS AND ASSIGNS SHALL BE OBLIGATED TO DEVOTE THE
REAL PROPERTY ONLY TO THE USES SPECIFIED IN THE URBAN
RENEWAL PLAN, AND MAY BE OBLIGATED TO COMPLY WITH
WHATEVER OTHER REQUIREMENTS THE MUNICIPALITY DETERMINES
TO BE IN THE PUBLIC INTEREST, INCLUDING THE OBLIGATION TO
BEGIN WITHIN A REASONABLE TIME ANY IMPROVEMENTS ON THE
SEAL PROPERTY REQUIRED BY THE URBAN RENEWAL PLAN. THE
REAL PROPERTY OR INTEREST MAY NOT BE SOLD, LEASED,
OTHERWISE TRANSFERRED, OR RETAINED AT 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 THE 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 THE PLAN FOR THE PREVENTION OF THE RECURRENCE OF SLUM
OR BLIGHTED AREAS. IN ANY INSTRUMENT OF CONVEYANCE TO A
PRIVATE PURCHASER OR LESSEE, THE MUNICIPALITY MAY PROVIDE
THAT THE PURCHASER OR LESSEE MAY NOT 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 ON THE
PROPERTY. REAL PROPERTY ACQUIRED BY THE MUNICIPALITY
WHICH, IN ACCORDANCE WITH THE PROVISIONS OF THE URBAN
RENEWAL PLAN, IS TO BE TRANSFERRED, SHALL BE TRANSFERRED