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This entry was published on 2014-09-22
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SECTION 9
Sale or lease of civic projects
Urban Development Corporation Act 174/68 (UDA) CHAPTER INTRO
§ 9. Sale or lease of civic projects. (1) Subject to any agreement
with noteholders or bondholders, the corporation may sell or lease for a
term not exceeding ninety-nine years any civic project to the state or
any agency or instrumentality thereof, to any municipality or agency or
instrumentality thereof, to any public corporation, or to any other
entity which is carrying out a community, municipal, public service or
other civic purpose.

(2) Any such sale or lease pursuant to subdivision one of this section
may be made without public bidding, public sale or public notice, upon
such terms and conditions as the corporation, within its discretion, may
determine to be necessary or desirable. The corporation may enter into a
contract for a sale or lease as authorized by subdivision one of this
section either prior to, at the date of, or subsequent to the completion
of the project by the corporation. 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 sold or leased, the
corporation may complete the construction and development of such
improvement prior to the actual conveyance or lease.