Chapter 05. Acquisition of Real Property

At the direction of the Board of Directors or on the Executive Director's own initiative the Executive Director may conduct preliminary negotiations or investigations relating to the acquisition of real property or interests in real property.

In connection with negotiations and acquisitions, the Executive Director, after consultation with the Board of Directors or at the direction of the Board of Directors, may obtain appraisals, surveys, engineering and architectural studies, title insurance, and any other items and services the Executive Director considers appropriate under the circumstances.

Upon approval of an acquisition as set forth in Regulation .05 of this chapter, the Executive Director shall have the power on behalf of the Authority to execute all documents and do all things necessary and convenient to accomplish the purposes of the approved transaction.

The Executive Director is authorized to exercise remedies for default under agreements that have been approved in accordance with Regulation .05 of this chapter.