§ 695. Disposition of property. 1. In addition to employing any other\nlawful method of utilizing or disposing of an eligible area, a\nmunicipality may sell, lease for a term not exceeding ninety-nine years,\nor otherwise dispose of any such real property and appurtenances\nthereto, to any person, firm or corporation at the highest marketable\nprice or rental at public auction or by sealed bids pursuant to the\nprovisions of any general, special or local laws applicable to the sale\nor disposition of real property by such municipality.\n 2. Notwithstanding any provision to the contrary contained in this\narticle or any other law, general, special or local, applicable to the\nsale of real property by a municipality, such real property and\nappurtenances thereto may be sold, leased for a term not exceeding\nninety-nine years or otherwise disposed of for the effectuation of any\nof the purposes of this article to:\n (a) any person, firm or corporation designated by the agency and\napproved by the governing body or, in a city having a population of one\nmillion or more, by the mayor, as a qualified and eligible sponsor in\naccordance with established rules and procedures prescribed by the\nagency, provided that: (i) the agency has published, in at least one\nnewspaper of general circulation in the municipality at least ten days\nprior to such sale, lease or other disposition, a notice which shall\ninclude a project summary of the proposed urban development action area\nproject and such notice shall be in the form and manner prescribed by\nthe agency; (ii) such proposed sponsor agrees to pay the minimum price\nor rental fixed by the agency for such real property; (iii) such\nproposed sponsor matches any bid higher than such minimum price or\nrental; and (iv) such sale, lease or other disposition requires\neffectuation of the urban development action area project within a\ndefinite and reasonable period of time; or\n (b) any person, firm or corporation designated by the agency as a\nqualified and eligible sponsor in accordance with established rules and\nprocedures prescribed by the agency without public auction or sealed\nbids, provided that (i) the price or rental to be paid by such sponsor\nfor such property and all other essential terms and conditions of such\nsale, lease or other disposition shall be included in the notice\npublished by the agency pursuant to subparagraph (i) of paragraph (a) of\nthis subdivision, (ii) such sale, lease or other disposition requires\nthe effectuation of an urban development action area project with a\ndefinite and reasonable period of time, and (iii) that such sale, lease\nor other disposition be approved by the governing body or, in any city\nhaving a population of one million or more, by the mayor, after a public\nhearing held not less than ten days after the publication of such\nnotice.\n 3. A municipality may not transfer pursuant to this article any\ninterest in any eligible area to any person, firm or corporation\nconstituting (i) any former owner in fee of all or part of the real\nproperty in which such interest is sought to be transferred or of any\nother real property which was acquired by the municipality through real\nproperty tax or other lien enforcement proceedings; (ii) any spouse of\nsuch a former owner; (iii) any business entity substantially controlled\nby such a former owner; or (iv) any successor in interest to such a\nformer owner, except a purchaser from such successor in interest in good\nfaith and for value. The municipality shall require an affidavit from\neach person, firm or corporation to whom it proposes to sell or lease an\ninterest in any such eligible area certifying that the proposed sale or\nlease does not violate the provisions of this subdivision. Any deed,\nlease, or instrument which transfers an interest in any such eligible\narea in violation of this subdivision shall be voidable by the\nmunicipality, provided that a subsequent bona fide holder of an in
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