36-50 - Extension of general powers for actions taken pursuant to a redevelopment plan. - Virginia Statutes

§ 36-50. Extension of general powers for actions taken pursuant to aredevelopment plan.

In undertaking actions pursuant to a redevelopment plan, an authority shallhave all the rights, powers, privileges, and immunities provided in thischapter. However, nothing contained in §§ 36-21 and 36-22 shall be construedas limiting the power of an authority, in the event of a default (includingfailure of compliance with a redevelopment plan) by a purchaser or lessee ofland in a redevelopment plan, to acquire property and operate it free fromthe restrictions contained in §§ 36-21 and 36-22; and provided further, thatany property which an authority leases to nongovernmental persons or entitiesfor redevelopment under a redevelopment plan shall have the same tax statusas if such leased property were owned by such nongovernmental persons orentities.

(1946, p. 279; Michie Suppl. 1946, § 3145(8c); 2006, c. 784.)