§ 42-64-11 - Disposition of projects.
SECTION 42-64-11
§ 42-64-11 Disposition of projects. –(a) Notwithstanding the provisions of any other law, the Rhode Island economicdevelopment corporation may sell or lease to any person, firm, partnership, orcorporation, or to any local redevelopment agency, or to any state or federalagency or instrumentality, or to any municipality or political subdivision ofthe state empowered to enter into the sale or lease, any project without publicbidding or public sale, for consideration and upon terms as may be agreed uponbetween the corporation and the purchaser or lessee; provided that in the caseof a lease, the term shall not exceed ninety-nine (99) years. The sale or leaseor agreement may be consummated as entered into prior to, at the date of, orsubsequent to the acquisition of completion of the project. Where a contract ofsale or lease is entered into prior to the completion of construction of theproject to be conveyed or leased, the corporation may complete the projectprior or subsequent to the consummation of the sale or lease.
(b) In connection with the corporation's disposition by sale,lease, or otherwise of any of its projects, the corporation is authorized torequire that the party acquiring the project, or any interest therein or anyright to use or occupy the project, may not sell, assign, convey, lease,sublease, or otherwise dispose of, in whole or in part, its interest in theproject or its right to use and occupy the project without the approval, inwriting, of the corporation. The corporation may not unreasonably withhold thatapproval; and shall state the reason or reasons upon which that withholding ofapproval is based. In determining whether to grant or withhold that approval,the corporation shall consider whether the proposed disposition will furtherthe purposes of this chapter and may consider any and all other relevantfactors as well.
(c) The provisions of subsection (b) shall not be deemed tolimit in any manner the corporation's authority in connection with thedisposition by sale, lease, or otherwise of any of its projects or to imposethose terms and conditions permitted by law with respect to those dispositionsas it shall determine to be desirable.
(d) The corporation shall dispose, by sale, lease, transferor other agreement, of projects on or related to former Navy lands in the townof North Kingstown through the Quonset Development Corporation as provided forin chapter 64.10 of this title and may dispose, by sale, lease, transfer orother agreement, of other projects related to land and real estate development,regardless of location in Rhode Island, through the Quonset DevelopmentCorporation as may be mutually agreeable to the corporation and the QuonsetDevelopment Corporation.