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This entry was published on 2014-09-22
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Sale or lease of industrial projects
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 8. Sale or lease of industrial projects. (1) Notwithstanding the
provisions of any general, special or local law, subject to any
agreement with noteholders or bondholders, the corporation may sell or
lease any industrial project, without public bidding or public sale, for
such price or rental and upon such terms as may be agreed upon between
the corporation and such purchaser or lessee, either prior to, at the
date of, or subsequent to the completion of the project by the
corporation, provided, however, that in the case of a lease, the term
thereof shall not exceed ninety-nine years. Where such contract for sale
or lease is entered into after the commencement of construction and
prior to the physical completion of the improvement to be conveyed or
leased, the corporation may complete the construction and development of
such improvement prior to the actual conveyance or lease.

(2) Before any sale or lease of all or a substantial part of a project
as authorized by subdivision one of this section is consummated, there
shall be published in at least one newspaper of general circulation in
the municipality in which the project is located a notice which shall
include a statement of the identity of the proposed purchaser or lessee,
the price or rental to be paid, all other essential conditions of such
sale or lease, and a statement that a public hearing upon such sale or
lease will be held before the corporation at a specified time and place
on a date not less than ten days after such publication, and such
hearing shall be held in accordance with such notice; provided, however,
that if the corporation determines that trade secrets or other
confidential information about the prospective purchaser's or lessee's
business operations, products, processes or designs would otherwise be
revealed by such public notice and public hearing, the requirements of
this subdivision may be waived by unanimous vote of the directors of the