200 – Short Title.
§ 200. Short title. This article shall be known and may be cited and referred to as the “Urban Redevelopment Corporations Law.”
201 – Legislative Finding, Policy of State, and Purpose of Article.
§ 201. Legislative finding, policy of state, and purpose of article. It is hereby declared that in the cities of the state substandard and insanitary areas exist which have resulted from inadequate planning, excessive land coverage, lack of proper light, air and open space, defective design and arrangement of buildings, lack of proper sanitary facilities, […]
202 – Definitions.
§ 202. Definitions. The following terms, whenever used or referred to in this article, shall, unless a different intent clearly appears from the context, be construed as follows: The term “development area” shall mean that portion of an area to which a development plan is applicable. The term “development cost” shall mean the amount determined […]
203 – Development Plans and Approval Thereof.
§ 203. Development plans and approval thereof. 1. A development plan shall contain such information as the planning commission and the supervising agency shall, by rule or regulation require, including: (a) A metes and bounds description of the development area; (b) A statement of the real property in the development area fee title to which […]
204 – Appointment of Supervising Agency.
§ 204. Appointment of supervising agency. The local legislative body of a city is hereby authorized by general ordinance or local law to appoint, establish or designate the chief financial officer of the city or some other official or bureau, commission or agency as the person or body to exercise the powers and perform the […]
205 – Redevelopment Corporations.
§ 205. Redevelopment corporations. 1. Three or more persons may become a redevelopment corporation on making, subscribing, acknowledging and filing in the department of state a certificate pursuant to article four of the business corporation law, which shall be entitled and endorsed “Certificate of incorporation of …. Redevelopment Corporation, pursuant to article four of the […]
206 – Limitations of Redevelopment Corporations.
§ 206. Limitations of redevelopment corporations. No redevelopment corporation shall: 1. Undertake any clearance, reconstruction, improvement, alteration or construction in connection with any development until the certificates of approval required by section two hundred three of this article have been issued; 2. Change, alter, amend, add to or depart from the development plan until the […]
207 – Application of Other Corporation Laws to Redevelopment Corporations.
§ 207. Application of other corporation laws to redevelopment corporations. The provisions of the business corporation law as presently in effect and as hereafter from time to time amended, shall apply to redevelopment corporations heretofore or hereafter, except where such provisions are in conflict with the provisions of this article. In the event that any […]
208 – Consideration for Issuance of Stock, Bonds or Income Debentures.
§ 208. Consideration for issuance of stock, bonds or income debentures. No redevelopment corporation shall issue stock, bonds or income debentures, except for money or property actually received for the use and lawful purposes of the corporation or services actually performed for the corporation.
209 – Determination of Development Cost.
§ 209. Determination of development cost. 1. Upon the completion of a development a redevelopment corporation shall, or upon the completion of a principal part of a development a redevelopment corporation may, file with the supervising agency an audited statement of the development cost thereof. Within a reasonable time after the filing of such statement, […]
210 – Regulation of Redevelopment Corporations by Supervising Agency.
§ 210. Regulation of redevelopment corporations by supervising agency. A redevelopment corporation shall: 1. Furnish to the supervising agency from time to time, as required by it, but with respect to regular reports not more often than once every six months, such financial information, statements, audited reports or other material as such supervising agency shall […]
211 – Exemption From Increase in Local Taxation.
§ 211. Exemption from increase in local taxation. 1. A local legislative body is hereby authorized, by adopting or enacting an ordinance or local law, to exempt all or part of the real property held by redevelopment corporations during a maximum exemption period, which shall not exceed ten years, which represents an increase in any […]
212 – Limited Return on Income Debentures and Stock.
§ 212. Limited return on income debentures and stock. 1. No redevelopment corporation shall pay any interest on its income debentures or dividends on its stock during any dividend year, unless there shall exist at the time of any such payment no default under any amortization requirements with respect to its indebtedness. 2. No redevelopment […]
213 – Enforcement Proceedings Against Redevelopment Corporations.
§ 213. Enforcement proceedings against redevelopment corporations. Whenever a redevelopment corporation shall not have obtained the certificates of approval of its development plan required by section two hundred three of this article within twelve months of the date upon which it became a redevelopment corporation, or shall not have substantially complied with its development plan […]
214 – Transfer of Real Property to Redevelopment Corporation.
§ 214. Transfer of real property to redevelopment corporation. 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 […]
215 – Methods of Acquisition of Real Property.
§ 215. Methods of acquisition of real property. 1. A redevelopment corporation may: (a) Whether before or after the certificates of approval of its development plan required by section two hundred three of this article have been issued, acquire real property or secure options in its own name or in the name of nominees to […]
216 – Proceedings to Acquire.
§ 216. Proceedings to acquire. 1. When it is desired that any real property in a development area be acquired by condemnation, there shall be presented to the supervising agency by the redevelopment corporation a verified petition requesting the issuance of a certificate of approval of condemnation of such real property which shall contain, among […]
217 – Temporary Use or Occupation of Real Property Taken by Acquisition.
§ 217. Temporary use or occupation of real property taken by acquisition. When title to real property has vested in a redevelopment corporation or city by gift, grant, devise, purchase or in acquisition proceedings or otherwise, the redevelopment corporation or city, as the case may be, may in accordance with the provisions of the eminent […]
218 – Mortgages.
§ 218. Mortgages. 1. Any redevelopment corporation may borrow funds and secure the repayment thereof by mortgage. Every such mortgage shall contain reasonable amortization provisions and shall be a lien upon no other real property except that forming the whole or a part of a single development area. 2. Certificates, bonds and notes, or part […]
219 – Sale or Lease of Real Property by a City to a Redevelopment Corporation.
§ 219. Sale or lease of real property by a city to a redevelopment corporation. 1. The local legislative body, or if there is a board of estimate in the city, then the board of estimate, may by resolution determine that real property, title to which is held by the city, specified and described in […]