§9029. Disposition of real property

Any corporation may sell, lease, or otherwise transfer real property or any interest therein acquired by it in economic development areas for residential, recreational, commercial, industrial or other uses or for public use, in accordance with its economic development plan, subject to such covenants, conditions, and restrictions, including covenants running with the land, as it may deem to be necessary or desirable to carry out the purposes of this Chapter. The purchasers or lessees and their successors and assigns shall be obligated to devote such real property only to the uses specified in the economic development plan, and shall be obligated to comply with such other requirements as said corporation may determine to be in the public interest, including the obligation to begin within a reasonable time any improvements on such real property required by the economic development plan. Such real property or interest shall be sold, leased, or otherwise transferred at not less than its fair value for uses in accordance with the economic development plan. In determining the fair value of real property for uses in accordance with the economic development plan, a corporation shall take into account and give consideration to the use provided in such plan; the restrictions upon and the covenants, conditions, and obligations assumed by the purchaser or lessee. Real property acquired in accordance with the provisions of the economic development plan shall be transferred as rapidly and as feasible in the public interest consistent with the carrying out of the provisions of the plan. Such plan and any substantial modification of such plan shall be filed as a public record in the office of the clerk of the affected governing authority and the registrar of conveyances for said jurisdiction and any conveyance, encumbrances, or other contracts may incorporate the provisions thereof by reference which shall afford notice thereof to all parties.

Added by Acts 1978, No. 617, §1.