§206E-14  Sale or lease of redevelopmentprojects.  (a)  The authority may, without recourse to public auction,sell, or lease for a term not exceeding sixty-five years, all or any portion ofthe real or personal property constituting a redevelopment project to anyperson, upon such terms and conditions as may be approved by the authority, ifthe authority finds that the sale or lease is in conformity with the communitydevelopment plan.

(b)  In the case of residential projects orredevelopment projects, the terms of the sale shall provide for the repurchaseof the property by the authority at its option, in the event that thepurchaser, if other than a state agency, desires to sell the property withinten years, provided that this requirement may be waived by the authority if theauthority determines that a waiver will not be contrary to the communitydevelopment plan.  The authority shall establish at the time of original sale aformula setting forth a basis for a repurchase price based on market considerationsincluding but not being limited to interest rates, land values, constructioncosts, and federal tax laws.

If the purchaser in a residential project is astate agency, the authority may include as a term of the sale a provision forthe repurchase of the property in conformance with this section. [L 1976, c153, pt of §1; am L 1985, c 49, §1]