(1) The urban renewal agency shall, in accordance with the approved urban renewal plan, make land in an urban renewal project available for use by private enterprise or public agencies. Such land shall be made available at a value determined by the urban renewal agency to be its fair reuse value, which represents the value, whether expressed in terms of rental or capital price, at which the urban renewal agency in its discretion determines such land should be made available in order that it may be developed, redeveloped, cleared, conserved or rehabilitated for the purposes specified in such plan.
(2) To assure that land acquired in an urban renewal project is used in accordance with the urban renewal plan, an urban renewal agency, upon the sale or lease of such land, shall obligate purchasers or lessees:
(a) To use the land for the purposes designated in the urban renewal plan.
(b) To begin the building of their improvements within a period of time which the urban renewal agency fixes as reasonable.
(3) Any obligations by the purchaser shall be covenants and conditions running with the land where the urban renewal agency so stipulates.
(4) Any contract for the transfer of any interest in land by the urban renewal agency may be recorded in the land records of the county in which the land is situated in the same manner as any other contract for the transfer of an interest in land is recorded. [1957 c.456 §12; 1965 c.571 §1; 1967 c.312 §1]Section: Previous 457.150 457.160 457.170 457.180 457.190 457.210 457.220 457.230 457.240 457.310 457.320 457.410 457.420 457.430 457.435 Next
Last modified: August 7, 2008