Subdivision 2. Urban Renewal Property

The County may sell, lease, or otherwise transfer real property or any interest therein acquired for it by an urban renewal project, for residential, recreational, commercial, industrial, educational, or other uses or for public use, or may retain such property or interest for public use, in accordance with the urban renewal plan, subject to such covenants, conditions, and restrictions, including covenants running with the land, as it may deem to be necessary or desirable to assist in preventing the development or spread of future slums or blighted areas or to otherwise carry out the purposes of this Subdivision. The purchasers or lessees and their successors and assigns shall be obligated to devote such real property only to the uses specified in the urban renewal plan, and may be obligated to comply with such other requirements as the County may determine to be in the public interest, including the obligation to begin within a reasonable time any improvements on such real property required by the urban renewal plan. Such real property or interest shall be sold, leased, otherwise transferred, or retained at not less than its fair value for uses in accordance with the urban renewal plan. In determining the fair value of real property for uses in accordance with the urban renewal plan, the County shall take into account and give consideration to the uses provided in such plan; the restrictions upon, and the covenants, conditions, and obligations assumed by the purchaser or lessee or by the County retaining the property; and the objectives of such plan for the prevention of the recurrence of slum or blighted areas. The County in any instrument of conveyance to a private purchaser or lessee may provide that such purchaser or lessee shall be without power to sell, lease, or otherwise transfer the real property without the prior written consent of the County until he has completed the construction of any or all improvements which he has obligated himself to construct thereon.

Real property acquired by the County which, in accordance with the provisions of the urban renewal plan, is to be transferred, shall be transferred as rapidly as feasible in the public interest consistent with the carrying out of the provisions of the urban renewal plan. Any contract for such transfer and the urban renewal plan (or such part or parts of such contract or plan as the municipality may determine) may be recorded in the land records of the County in such manner as to afford actual or constructive notice thereof.

The County may dispose of real property in an urban renewal area to private persons only under reasonable competitive bidding procedures as it shall prescribe. The County may, by public notice by publication in a newspaper having general circulation in the community (not less than sixty (60) days prior to the execution of any contract to sell, lease or otherwise transfer real property and prior to the delivery of any instrument of conveyance with respect thereto under the provisions of this Division) invite proposals from and make available all pertinent information to private redevelopers or any persons interested in undertaking to redevelop or rehabilitate an urban renewal area, or any part thereof.

The notice shall identify the area, or portion thereof, and state that proposals shall be made by those interested within a specified period of not less than sixty (60) days after the first day of publication of the notice. Any further available information may be obtained at the office designated in the notice.

The County shall consider all such redevelopment or rehabilitation proposals and the financial and legal ability of the persons making such proposal to carry them out, and may negotiate with any persons for proposals for the purchase, lease or other transfer of any real property acquired by the County in the urban renewal area. The County may accept such proposals as it deems to be in the public interest and in furtherance of the purposes of this Division. Thereafter, the County executes and delivers contracts, deeds, leases and other instruments and takes all steps necessary to effectuate such transfers.