1154

LAWS OF MARYLAND

Ch. 166

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.

29-35. 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 CONVENANTS, 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
SEASONABLE TIME ANY IMPROVEMENTS ON THE REAL 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 OR 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 AS RAPIDLY AS FEASIBLE IN
THE PUBLIC INTEREST CONSISTENT WITH THE CARRYING OUT OF THE
PROVISIONS OF THE URBAN RENEWAL PLAN. ANY CONTRACT FOR THE
TRANSFER AND THE URBAN RENEWAL PLAN (OR WHATEVER PART OR
PARTS OF THE CONTRACT OR PLAN AS THE MUNICIPALITY
DETERMINES) MAY BE RECORDED IN THE LAND RECORDS OF THE
COUNTY IN WHICH THE MUNICIPALITY IS SITUATED IN A MANNER SO
AS TO AFFORD ACTUAL OR CONSTRUCTIVE NOTICE OF IT.

(B)    THE MUNICIPALITY MAY OPERATE TEMPORARILY AND
MAINTAIN REAL PROPERTY ACQUIRED BY IT IN AN URBAN RENEWAL
AREA FOR OR IN CONNECTION WITH AN URBAN RENEWAL PROJECT