§ 160A-511. Interest of members or employees.
§ 160A‑511. Interest of members or employees.
No member or employee of a commission shall acquire any interest,direct or indirect, in any redevelopment project or in any property included orplanned to be included in any redevelopment area, or in any area which he mayhave reason to believe may be certified to be a redevelopment area, nor shallhe have any interest, direct or indirect, in any contract or proposed contractfor materials or services to be furnished or used by a commission, or in anycontract with a redeveloper or prospective redeveloper relating, directly orindirectly, to any redevelopment project, except that a member or employee of acommission may acquire property in a residential redevelopment area from aperson or entity other than the commission after the residential redevelopmentplan for that area is adopted if:
(1) The primary purpose of acquisition is to occupy the propertyas his principal residence;
(2) The redevelopment plan does not provide for acquisition ofsuch property by the commission; and
(3) Prior to acquiring title to the property, the member oremployee shall have disclosed in writing to the commission and to the localgoverning body his intent to acquire the property and to occupy the property ashis principal residence.
Except as authorized herein, the acquisition of any such interest in aredevelopment project or in any such property or contract shall constitutemisconduct in office. If any member or employee of a commission shall havealready owned or controlled within the preceding two years any interest, director indirect, in any property later included or planned to be included in anyredevelopment project, under the jurisdiction of the commission, or has anysuch interest in any contract for material or services to be furnished or usedin connection with any redevelopment project, he shall disclose the same inwriting to the commission and to the local governing body. Any disclosurerequired herein shall be entered in writing upon the minute books of the commission.Failure to make disclosure shall constitute misconduct in office. (1951, c. 1095, s. 8; 1973, c. 426, s. 75; 1977, 2ndSess., c. 1139.)