36-53 - Making property available for conservation or redevelopment. - Virginia Statutes

§ 36-53. Making property available for conservation or redevelopment.

An authority may make land in a conservation or redevelopment area availablefor purchase or use by nongovernmental persons or entities or public agenciesin accordance with the conservation or redevelopment plan. Such land may bemade available at its fair value, which represents the value at which theauthority determines such land should be made available in order that it maybe developed, conserved or redeveloped for the purposes specified in suchplan.

To assure that land acquired in a conservation or redevelopment area is usedin accordance with the conservation or redevelopment plan, an authority, uponthe sale or lease of such land, shall obligate purchasers or lessees: (1) touse the land for the purpose designated in the conservation or redevelopmentplan; (2) to begin the building of their improvements within a period of timewhich the authority fixes as reasonable; and (3) to comply with such otherconditions as are necessary to carry out the purposes of this chapter. Anysuch obligations by the purchaser shall be covenants and conditions runningwith the land where the authority so stipulates.

(1946, p. 280; Michie Suppl. 1946, § 3145(8f); 1970, c. 222; 2006, c. 784.)