§ 45-32-48 - Authorized acquisition, relocation, and improvement expenses.
SECTION 45-32-48
§ 45-32-48 Authorized acquisition,relocation, and improvement expenses. – (a) Notwithstanding any provisions of chapters 31 – 33 of this title, anyredevelopment agency functioning pursuant to § 45-31-10 or 45-31-17, inconnection with its undertaking or carrying out a redevelopment project orformulating a redevelopment plan is authorized to:
(1) Acquire real property in any area designated aredevelopment area pursuant to the provisions of § 45-32-4, demolish orremove the structures on the property, provide for relocation of occupants,including the payment of sums for relocation expenses to the occupants of theproperty that are permitted by the federal government (notwithstanding thelimitation in amount imposed by § 45-31-27), and to clear and improve theproperty, regardless of the stage of development of the redevelopment projector plan or any modification of the plan for that area or any portions of it,whether it is before or after the approval of the plan or its modification bythe legislative body, and
(2) Dispose of the property acquired under this sectionwithout regard to the provisions of chapters 31 – 33 of this title, forthe disposition of property in a project area.
(b) Any sale or lease of the property may be made withoutpublic bidding, provided that no sale or lease is made until at least ten (10)days after the legislative body of the community has received from the agency areport concerning the proposed sale or lease and has approved the report byresolution. Any agency may enter into a contract or contracts with privatefinancial institutions and/or with the federal government for the purpose ofobtaining financial or technical assistance in connection with theaforedescribed acquisition, demolition, clearance, relocation, and improvement,and may borrow, at interest rates and on other terms and conditions that it maydeem proper, from those private financial institutions or the federalgovernment, sums necessary for the acquisition of the real property and relatedexpenses, the management of the real property, the relocation of the occupantsof the real property, the demolition of the buildings or structures and theclearance of and improvement of the land and real property so acquired, andother related administrative costs and payments. Any agency may, on terms andconditions that it may deem proper, mortgage or otherwise encumber the propertyso acquired, or any other property owned by it for the purpose or purposes ofsecuring the repayment of any money borrowed to carry out the aforementionedundertaking.