(a) In connection with a municipal development project or a business development project, the municipality or where appropriate, an implementing agency, may, with the approval of the legislative body of the municipality and of the commissioner if any financial assistance was given for such project under section 32-223, transfer by sale or lease all or any part of the real property in the project area to any person, in accordance with the development plan, if any, and such disposition plans as may have been approved by the commissioner in conjunction with a business development project.
(b) In carrying out a business or municipal development project, a municipality or implementing agency shall have all powers necessary or convenient to undertake and carry out municipal and business development projects, including the power to (1) clear, demolish, repair, rehabilitate, operate, or insure real property while it is in its possession, (2) make site improvements essential to the preparation of land for its use in connection with the project, (3) install, construct or reconstruct streets, utilities and other improvements as necessary to carry out the objectives of the project, and (4) provide financial assistance to manufacturing and economic base businesses or other eligible applicants in a manner approved by the commissioner.
(P.A. 90-270, S. 6, 38.)
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