100 – Short Title.

§ 100. Short title. This article shall be known and may be cited and referred to as the “Redevelopment Companies Law.”

101 – Policy of State and Purpose of Act.

§ 101. Policy of state and purpose of act. It is hereby declared that in certain areas of municipalities located within this state there exist substandard conditions and insanitary housing conditions owing to obsolescence, deterioration and dilapidation of buildings, or excessive land coverage, lack of planning, of public facilities, of sufficient light, air and space, […]

102 – Definitions.

§ 102. Definitions. As used in this article, the following terms shall mean and include: 1. “Project.” A specific work or improvement to effectuate all or any part of a plan including lands, buildings and improvements acquired, owned, constructed, managed or operated in an area by a redevelopment company or an insurance company providing dwelling […]

103 – Redevelopment Companies; How Created.

§ 103. Redevelopment companies; how created. 1. A redevelopment company may be created as a corporation by three or more persons signing, acknowledging and filing a certificate which shall contain: (1) The name of the proposed redevelopment company. (2) The purposes for which it is to be formed which shall be as follows: To acquire […]

104 – Consent of Supervising Agency to Creation of Redevelopment Companies.

§ 104. Consent of supervising agency to creation of redevelopment companies. A certificate or a copy of a certificate made pursuant to section one hundred three of this article shall be presented for filing to the secretary of state in the case of a corporation or limited liability company and to the supervising agency in […]

105 – Application of Other Corporation Laws.

§ 105. Application of other corporation laws. The provisions of the business corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment companies which are corporations, except where such provisions are in conflict with the provisions of this article. In the event that any action with respect […]

105-A – Application of Other Laws.

§ 105-a. Application of other laws. The provisions of the limited liability company law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment companies which are limited liability companies, except where such provisions are in conflict with the provisions of this article.

106 – Powers of Redevelopment Companies.

§ 106. Powers of redevelopment companies. Each redevelopment company shall have and may exercise such of the powers conferred by law as shall be necessary in conducting the business of a redevelopment company and consistent with the provisions of this article.

107 – Limited Return on Investment.

§ 107. Limited return on investment. Subject to the provisions of section one hundred twenty-three of this article, there shall be paid annually out of the earnings of the redevelopment company, after providing for all expenses, taxes and assessments, a sum for interest on and amortization of any mortgage indebtedness and depreciation charges if, when […]

108 – Consideration for Capital and Bonds.

§ 108. Consideration for capital and bonds. No redevelopment company which is a corporation shall issue shares, nor shall a redevelopment company which is a partnership credit sums to the partners on capital account, nor shall a redevelopment company which is a limited liability company credit sums to the members on capital account, nor shall […]

109 – Minimum Amount of Capital and Debentures.

§ 109. Minimum amount of capital and debentures. Except as provided in this section the capital of a redevelopment company together with any income debentures shall in no event be less than the total of ten per centum of the actual cost of any project or projects undertaken pursuant to this article. The supervising agency […]

110 – Income Debentures.

§ 110. Income debentures. With the approval of the supervising agency, the certificate creating a redevelopment company, or an amended certificate, may authorize the issuance of income debenture certificates bearing no greater interest than six per centum per annum. Such income debenture certificates and any instrument under which they are issued may contain such other […]

111 – Mortgages and Mortgage Bonds.

§ 111. Mortgages and mortgage bonds. Any redevelopment company, subject to the approval of the supervising agency, may borrow funds and secure the repayment thereof by bond and mortgage or by an issue of bonds under a trust indenture. Each mortgage or issue of bonds of a redevelopment company shall relate only to a single […]

111-A – Participation by Certain Corporations and Individuals.

§ 111-a. Participation by certain corporations and individuals. Any bank, savings bank, savings institution, savings and loan association, trust company, insurance company or association, or fiduciary authorized to invest in mortgages and mortgage bonds of a redevelopment company, or any combination of the foregoing, shall have power to participate and invest, singly or jointly, with […]

111-B – Mortgage Modification Provisions for Redevelopment Companies in Cities With a Population of One Million or More.

§ 111-b. Mortgage modification provisions for redevelopment companies in cities with a population of one million or more. 1. For purposes of this section, “restrictive agreement” shall mean a binding and irrevocable agreement between the redevelopment company and the supervising agency providing that such redevelopment company for a term of five years from the date […]

112 – Limitations.

§ 112. Limitations. In addition to limitations prescribed by this article a redevelopment company shall not have power to: 1. Acquire any real property or interest therein for a project or projects unless the supervising agency and the local legislative body determine as provided in this article that such acquisition is necessary or convenient for […]

112-A – Redevelopment Loans.

§ 112-a. Redevelopment loans. Notwithstanding any provision of section one hundred eleven or one hundred twelve of this article to the contrary, where a redevelopment company undergoes a comprehensive redevelopment plan, the supervising agency may approve a loan and encumbrance of such project in an amount in excess of actual cost of the project, provided […]

113 – Use of Projects.

§ 113. Use of projects. The project or projects of any redevelopment company shall be designed and used primarily for housing purposes, but portions of the project may be planned and used for business, commercial, cultural or recreational purposes appurtenant thereto as approved in the project.

114 – Procedure for Submission and Approval of Plan or Project.

§ 114. Procedure for submission and approval of plan or project. Every plan or plan of a project proposed by a redevelopment company shall contain a general description of the area to be redeveloped and a statement of the plan of redevelopment with such detail of information with reference thereto as may be necessary to […]

115 – Limitation on Changes.

§ 115. Limitation on changes. It shall be unlawful during the period of tax exemption, granted pursuant to section one hundred twenty-five of this article, for any redevelopment company or any successor in interest to its title to a project or any part thereof to change or modify any feature of a project for which […]