15.2-1802 - Authority of towns to acquire, lease or sell land for development of business and industry. - Virginia Statutes

§ 15.2-1802. Authority of towns to acquire, lease or sell land fordevelopment of business and industry.

A town may acquire pursuant to § 15.2-1800, but not by condemnation, landwithin its boundaries or within three miles outside its boundaries, for thedevelopment thereon of business and industry. No such land shall be acquireduntil the governing body has held a public hearing concerning such proposedacquisition. Any land so acquired may be leased or sold at public or privatesale to any person, firm or corporation who will locate thereon any businessor manufacturing establishment. This section shall constitute the authorityfor any town to exercise the powers herein conferred notwithstanding anycharter provision to the contrary.

If any land so acquired, or any part thereof, is not sold to a person, firmor corporation who will locate thereon any business or manufacturingestablishment, and such land is, in the discretion of the governing body, notrequired for the development thereon of business and industry, the governingbody, if deemed proper by it, may dispose of the land so acquired, in wholeor in part, making such limitations as to the uses thereof as it may see fit.No such land shall be disposed of until the governing body has held a publichearing concerning such proposed disposal.

(Code 1950, § 15-7.2; 1960, c. 545; 1962, c. 623, § 15.1-18; 1977, c. 636;1997, c. 587; 1998, c. 198.)