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



(b)  In the case of residential projects or
redevelopment projects, the terms of the sale shall provide for the repurchase
of the property by the authority at its option, in the event that the
purchaser, if other than a state agency, desires to sell the property within
ten years, provided that this requirement may be waived by the authority if the
authority determines that a waiver will not be contrary to the community
development plan.  The authority shall establish at the time of original sale a
formula setting forth a basis for a repurchase price based on market considerations
including but not being limited to interest rates, land values, construction
costs, and federal tax laws.



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