§206E-14 Sale or lease of redevelopment projects.

254 words·~1 min read·/hi/206e-14

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The authority may, without recourse to public auction, sell, or lease for a term not exceeding sixty-five years, all or any portion of the real or personal property constituting a redevelopment project to any person, upon such terms and conditions as may be approved by the authority, if the authority finds that the sale or lease is in conformity with the community development plan.

For the stadium development district, leases shall not exceed a term of ninety-nine years.

(b)In the case of residential projects or redevelopment projects, the terms of the sale shall provide for the repurchase of the property by the authority at its option, in the event that the purchaser, if other than a state agency, desires to sell the property within ten years, provided that this requirement may be waived by the authority if the authority determines that a waiver will not be contrary to the community development plan. The authority shall establish at the time of original sale a formula setting forth a basis for a repurchase price based on market considerations including but not being limited to interest rates, land values, construction costs, and federal tax laws.

If the purchaser in a residential project is a state agency, the authority may include as a term of the sale a provision for the repurchase of the property in conformance with this section. [L 1976, c 153, pt of §1; am L 1985, c 49, §1; am L 2019, c 268, §2]