§ 970-f. Redevelopment plan. If the legislative body, by resolution,
approves a preliminary plan it shall provide for preparation of a
redevelopment plan for each project area.

Each such redevelopment plan:

(a) shall contain a legal description of the boundaries of the project
area and shall be based upon the preliminary plan;

(b) shall show by diagram and in general terms:

(i) the approximate amount of open space to be provided and street
layout;

(ii) limitations on type, size, height, number and proposed use of
buildings;

(iii) the approximate number of dwelling units; and

(iv) the property to be devoted to public purposes and the nature of
such purposes;

(c) shall contain a neighborhood impact statement, which describes the
physical, social and economic conditions existing in the area and
describes the impact of the project upon the residents of the project
area and the surrounding areas, in terms of relocation, traffic
circulation, environmental quality, availability of community facilities
and services, effect on school population and quality of education,
property assessments and taxes, and other matters affecting the physical
and social quality of the neighborhood;

(d) shall describe the proposed method of financing the redevelopment
of the project area in detail sufficient to determine the economic
feasibility of the plan;

(e) shall provide for the municipality to lease or sell all real
property acquired by it in any project area, except property retained by
the municipality for public purposes as provided by the redevelopment
plan;

(f) shall contain adequate safeguards that the work of redevelopment
will be carried out pursuant to the plan and provide for the retention
of controls and the establishment of any restrictions or convenants
running with land sold or leased for private use for such periods of
time and under such conditions as the legislative body deems necessary
to effectuate the purposes of this article;

(g) shall contain other covenants, conditions, and restrictions which
the legislative body prescribes;

(h) may provide for participation in the redevelopment of property in
the project area by the owners of all or part of such property if the
owners agree to participate in the redevelopment in conformity with the
redevelopment plan adopted by the legislative body for the area. Such
plan may extend reasonable preference to persons who are engaged in
business in the project area to reenter in business within the
redeveloped area if they otherwise meet the requirements prescribed by
the redevelopment plan. Every redevelopment plan which contemplates
property owner participation in the redevelopment of the project area
shall contain alternative provisions for redevelopment of the property
if the owners fail to participate in the redevelopment as agreed;

(i) may provide for the issuance of bonds by the municipality and for
the use of the proceeds from their sale in carrying out the
redevelopment plan. If such an issuance is provided for, the
redevelopment plan shall also contain adequate provision for the payment
of principal and interest when they become due and payable;

(j) may provide for the municipality to acquire by gift, purchase,
lease, or condemnation all or part of the real property in the project
area;

(k) may provide for the expenditure of money by the municipality and
for the municipality to undertake and complete any proceedings necessary
to carry out the project;

(l) shall provide a limitation on the amount of bonds which may be
issued pursuant to section nine hundred seventy-o of this article for
the purpose of carrying out or administering the redevelopment plan;

(m) may provide in any year during which the municipality owns real
property in a redevelopment project for the payment to any city, county,
town, village or district for whose benefit a tax would have been levied
upon such property had it not been exempt, an amount of money in lieu of
taxes;

(n) shall provide a plan for the relocation of families and persons to
be temporarily or permanently displaced from housing facilities in the
project area, which plan shall include the provision required by section
nine hundred seventy-j of this article that no person or family of low
and moderate income shall be displaced unless and until there is
suitable housing available and ready for occupancy by such displaced
person or family at rents comparable to those paid at the time of their
displacement;

(o) shall also provide for the review of such preliminary plans by the
board of education of any school district in the project area for which
the municipality seeks to incorporate the real property taxes levied by
such school district pursuant to section nine hundred seventy-p of this
article.