§ 116. Transfer of real property to redevelopment company. Notwithstanding any requirement of law to the contrary or the absence of direct provision therefor in the instrument under which a fiduciary is acting, every executor, administrator, trustee, guardian or other person, holding trust funds or acting in a fiduciary capacity, unless the instrument under which […]
§ 117. Rules and regulations. The planning commission and the supervising agency, respectively, shall have power to make rules and regulations to carry out their powers and duties pursuant to this article and to effectuate the purposes thereof.
§ 118. Fees. The supervising agency, the local legislative body and the planning commission, if any, may each adopt a reasonable schedule of fees to be paid by redevelopment companies upon the filing with said supervising agency, local legislative body or planning commission of a plan, plans for a project or projects, amendments thereto and […]
§ 119. Acquisition. A municipality may take property by acquisition pursuant to the provisions of the eminent domain procedure law for a redevelopment company, provided the contract or contracts executed pursuant to section one hundred fourteen contain a requirement that the company shall pay to the municipality all sums expended or required to be expended […]
§ 120. Regulation of redevelopment companies. The supervising agency shall: Examine each redevelopment company and keep informed as to its general condition, its capitalization and the manner in which its property is constructed, leased, operated or managed with respect to its compliance with all provisions of law and orders of the supervising agency. The supervising […]
§ 120-a. State supervision and regulation. A municipality with a population of less than one million may, by action of its local legislative body concurred in by the commissioner, provide for the supervision and regulation of a project and the redevelopment company carrying out such project by the commissioner in lieu of the supervising agency. […]
§ 121. Sinking fund. Unless other provision be made therefor in the contract with the municipality, the supervising agency, if it shall deem it feasible at any time, subject to the limitation contained in section one hundred seven of this article, may require a redevelopment company to provide out of earnings, after provision for distributions […]
§ 122. Transfer of title or foreclosure of project. 1. Until the termination of the tax exemption, whether by expiration or by any other cause, a redevelopment company, heretofore or hereafter organized, shall not have power to sell the real property constituting the project or any portion or portions thereof without the consent of the […]
§ 123. Dissolution. 1. After termination of any tax exemption granted pursuant to section one hundred twenty-five of this article, whether by expiration or by any other cause, or in the event that prior thereto the redevelopment company elects to pay to the municipality the total of all accrued taxes for which such exemption was […]
§ 124. Participation by certain corporations. One or more insurance companies shall have the power to organize, or cause to be organized, a redevelopment company formed pursuant to the provisions of this article, and to purchase for cash or to receive and hold in exchange for property, and to own and control, the stock or […]
§ 125. Tax exemptions. 1. (a) The local legislative body of any municipality in which a project of such company is or is to be located may by contract agree with any redevelopment company to exempt from local and municipal taxes, other than assessments for local improvements, all or part of the value of the […]
§ 126. Reduced rentals for the elderly. (a) For the purpose of enabling lower income elderly persons to continue in occupancy without paying rentals in excess of a fair proportion of their income, any municipality having a population of less than one million is authorized to make and to contract to make periodic payments to […]
§ 127. Acquisition by mutual redevelopment companies. Anything in this article to the contrary notwithstanding: (a) With the approval of the supervising agency, any person owning a project may convey such project to a mutual redevelopment company and a mutual redevelopment company may be organized to acquire an existing project prior to expiration of an […]
§ 128. Resale price of shares. Notwithstanding any other provision of this article and subject to any regulation not inconsistent with this section which may be promulgated by the supervising agency: (a) The resale price of shares in a mutual company shall be fixed by the mutual company, subject to the approval of the supervising […]
