§ 970-l. Property disposition, rehabilitation and development. (a) A
municipality in order to implement a redevelopment plan adopted by the
legislative body, may for purposes of redevelopment, sell, lease,
exchange, subdivide, transfer, assign, pledge, encumber by mortgage,
deed of trust or otherwise, or otherwise dispose of any real or personal
property or any interest in property. Any lease or sale may be made
without public bidding but only after a public hearing, notice of which
shall be given by publication for not less than once a week for two
weeks prior to the hearing in a newspaper of general circulation
published in the county in which the land lies. Except as otherwise
provided by this article the municipality shall lease or sell all real
property acquired by it in any project area, except property conveyed by
it to a municipality, school district or improvement district for public
purposes as provided by the redevelopment plan. Each such lease or sale
shall be conditioned on the redevelopment and use of the property in
conformity with the redevelopment plan.

(b) The municipality may obligate lessees or purchasers of property
acquired in a redevelopment project to use the property for the purpose
designated in the redevelopment plan, begin the redevelopment of the
project area within a period of time which the agency fixes as
reasonable and comply with other conditions which the agency deems
necessary to carry out the purposes of this article. The municipality
may provide in the contract that any of the obligations of the
purchasers are covenants or conditions running with the land, the breach
of which shall cause the ownership to revert to the agency.

(c) The municipality may sell, lease, grant, or donate real property
owned or acquired by it in a project area for the purpose of providing
housing for low or moderate income individuals or families.

(d) Property acquired by the municipality for rehabilitation and
resale shall be offered for resale within one year after completion of
rehabilitation, or in the event that such property has not been offered
for resale within one year an annual report shall be published by the
agency in a newspaper of general circulation published in the
municipality listing any rehabilitated property held by the agency in
excess of such one-year period, stating the reasons such property
remains unsold and indicating plans for its disposition.

(e) The term of lease by the agency of real property shall not exceed
ninety-nine years.