(a) The authority shall retain controls and establish restrictions or covenants running with land sold or leased for private use for those periods of time and under those conditions as are provided in the plan. The establishment of those controls is a public purpose under this division.
(b) An authority shall obligate lessees or purchasers of property acquired in a revitalization project to:
(1) Use the property for the purpose designated in the revitalization plans.
(2) Begin the revitalization of the project area within a period of time which the authority fixes as reasonable.
(3) Comply with the covenants, conditions, or restrictions that the authority deems necessary to prevent speculation or excess profittaking in undeveloped land, including right of reverter to the agency. Covenants, conditions, and restrictions imposed by an authority may provide for the reasonable protection of lenders.
(4) Comply with other conditions which the authority deems necessary to carry out the purposes of this part.
(Added by Stats. 2015, Ch. 319, Sec. 2. (AB 2) Effective January 1, 2016.)
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