Page:United States Statutes at Large Volume 60 Part 1.djvu/823

This page needs to be proofread.

PUBLIC LAWS-CH. 736-AUG. 2 , 1946 Maximum rentals. Conveyance by pur- chaser. Lease, etc., of parts of area. Lease, etc., to public redevelopment com- pany. Preference given to private enterprise. Demolition and con- struction. Prior specification of time schedule. of the lessee or purchaser to carry out and conform to the plan and the terms and conditions of the lease or sale; also, such terms, con- ditions, and specifications concerning buildings, improvements, sub- leases, or tenancies, maintenance and management, and any other re- lated matters as the Agency may reasonably impose or approve, includ- ing provisions whereby the obligations to carry out and conform to the project area plan shall run with the land. In the event that maximum rentals to be charged to tenants of housing be specified, pro- vision may be made for periodic reconsideration of such rental bases, with a view to proposing modification of the project area plan with respect to such rentals. (e) Until the Agency certifies that all building constructions and other physical improvements specified to be done and made by the purchaser of the area have been completed, the purchaser shall have no power to convey the area, or any part thereof, without the consent of the Agency; and no such consent shall be given unless the grantee or mortgagee of the purchaser obligates itself or himself by written instrument to the Agency to carry out that portion of the redevelop- ment plan which falls within the boundaries of the conveyed property, and also that the grantee, his or its heirs, representatives, successors, and assigns, shall have no right or power to convey, lease, or let the conveyed property or any part thereof or erect or use any building or structure erected thereon free from the obligation and requirement to conform to the approved project area redevelopment plan or approved modifications thereof. (f) In lieu of the lease or sale of a project area as an entirety, the Agency shall have the power to lease or sell parts of such area separately to individuals, partnerships, or redevelopment companies. Any such sale or lease of a part or parts of a project area shall be fully subject to the provisions of subsections (c), (d), and (e) of this section. (g) No lease or sale of any project area or portion thereof shall be made by the Agency to any public redevelopment company unless the terms of such lease or sale shall provide greater compensation to the Agency than any offer or combination of offers based on sub- stantially the same area and substantially the same redevelopment plan which shall be received from any responsible private sources (eligible as purchasers or lessees under this Act) within a reasonable announced period of time (not less than thirty days) after the public hearing on such proposed lease or sale. It is the intent of this pro- vision that private enterprise as represented through a responsible private redevelopment company individual, or partnership shall be given a preference over any public redevelopment company in such lease or sale provided such preference can be given, in the judgment of the Agency, consistently with the protection of the public interest and consistently with a purpose to resort to a public redevelopment com- pany only in the event that private enterprise shall not reasonably be available for the development of the project area or the part thereof under consideration. (h) The Agency may itself demolish any existing structure or clear the area or any part thereof, or may specify the demolition and clear- ance to be performed by a lessee or purchaser within a reasonable time after such lease or purchase. The Agency may specify a reasonable time schedule and reasonable conditions for the construction of build- ings and other improvements by a lessee or purchaser: Provided,That any such time schedule or condition shall be specified prior to the offering of the area or part thereof for lease or sale, and shall be equally binding upon any purchaser or lessee, public or private. The cost of demolition or clearance made by the Agency pursuant to this [60 STAT.