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- Alaska Statutes.
- Title 18. Health, Safety, and Housing
- Chapter 55. Housing, Public Buildings, Urban Renewal, and Regional Housing Authorities
- Section 540. Disposal of Property in Redevelopment Project.
previous: Section 530
. Preparation and Approval of Redevelopment Plans.
next: Section 550
. Eminent Domain.
AS 18.55.540. Disposal of Property in Redevelopment Project.
- (a) The corporation may sell, lease, exchange, or otherwise transfer real property or any interest in real property in a
redevelopment project area to a redeveloper for residential, recreational, commercial, industrial, or other uses, or
for public use in accordance with the redevelopment plan, subject to those covenants, conditions, and restrictions it
considers in the public interest or to carry out the purposes of AS 18.55.480
- 18.55.960. However, the sale, lease, exchange, or
other transfer, or an agreement relating to it, may be made only after, or subject to, the approval of the
redevelopment plan by the governing body of the municipality. The real property shall be sold, leased, or transferred
at its fair value for uses in accordance with the redevelopment plan although the fair value may be less than the cost
of acquiring and preparing the property for redevelopment. In determining the fair value of real property for uses in
accordance with the redevelopment plan, the corporation shall consider the uses and purposes required by the
redevelopment plan, the restrictions upon, and the covenants, conditions, and obligations assumed by the redeveloper of
the property, the objectives of the redevelopment plan for the prevention of the recurrence of slum or blighted areas,
and the other matters the corporation specifies as appropriate. In fixing rentals and selling prices, the corporation
shall consider appraisals of the property for these uses that are made by land experts employed by the corporation.
- (b) Before considering a redevelopment contract proposal, the corporation, by public notice published at least once a week
for two consecutive weeks in a newspaper of general circulation in the municipality, or, if there is no newspaper of
general circulation, by posting the notice in three public places in the municipality, shall invite proposals from, and
make available all pertinent information to private redevelopers or to persons interested in undertaking the
redevelopment of an area or any part of an area that the governing body has declared to be in need of redevelopment.
The notice must identify the area and must state that the further information that is available may be obtained at the
office of the corporation. The corporation shall consider all redevelopment proposals and the financial and legal
ability of the prospective redevelopers to carry out their proposals and may negotiate with redevelopers for proposals
for the purchase or lease of real property in the redevelopment project area. The corporation may accept the
redevelopment contract proposal it considers in the public interest and in furtherance of the purposes of AS 18.55.480 - 18.55.960, provided that the corporation has given to the
governing body at least 30 days' written notice of its intent to accept the redevelopment contract proposal. Thereafter
the corporation may execute a redevelopment contract in accordance with the provisions of (a) of this section and
deliver deeds, leases, and other instruments and take all steps necessary to effectuate the redevelopment contract. The
corporation may, without regard to the foregoing provisions of this subsection, dispose of real property in a
redevelopment project area to private redevelopers for redevelopment under the reasonable competitive bidding
procedures it prescribes, subject to the provisions of (a) of this section.
- (c) The corporation may temporarily operate and maintain real property in a redevelopment project area pending the
disposition of the property for redevelopment, without regard to the provisions of (a) and (b) of this section, for
uses and purposes that it considers desirable even though not in conformity with the redevelopment plan.
- (d) A person owning land in the urban renewal area at the time of the approval of the urban renewal plan by the governing
body of the municipality may, with approval of the governing body and under regulations, conditions, and limitations
the corporation prescribes, be granted a preferred right to purchase or lease land within the redevelopment area. This
preferred right shall be exercised within 15 days after public notice of the date of the intended leasing or sale of
land within the area. Public notice shall be given in substantially the manner set forth in (a) of this section.
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