§ 970-f. Redevelopment plan. If the legislative body, by resolution,\napproves a preliminary plan it shall provide for preparation of a\nredevelopment plan for each project area.\n Each such redevelopment plan:\n (a) shall contain a legal description of the boundaries of the project\narea and shall be based upon the preliminary plan;\n (b) shall show by diagram and in general terms:\n (i) the approximate amount of open space to be provided and street\nlayout;\n (ii) limitations on type, size, height, number and proposed use of\nbuildings;\n (iii) the approximate number of dwelling units; and\n (iv) the property to be devoted to public purposes and the nature of\nsuch purposes;\n (c) shall contain a neighborhood impact statement, which describes the\nphysical, social and economic conditions existing in the area and\ndescribes the impact of the project upon the residents of the project\narea and the surrounding areas, in terms of relocation, traffic\ncirculation, environmental quality, availability of community facilities\nand services, effect on school population and quality of education,\nproperty assessments and taxes, and other matters affecting the physical\nand social quality of the neighborhood;\n (d) shall describe the proposed method of financing the redevelopment\nof the project area in detail sufficient to determine the economic\nfeasibility of the plan;\n (e) shall provide for the municipality to lease or sell all real\nproperty acquired by it in any project area, except property retained by\nthe municipality for public purposes as provided by the redevelopment\nplan;\n (f) shall contain adequate safeguards that the work of redevelopment\nwill be carried out pursuant to the plan and provide for the retention\nof controls and the establishment of any restrictions or convenants\nrunning with land sold or leased for private use for such periods of\ntime and under such conditions as the legislative body deems necessary\nto effectuate the purposes of this article;\n (g) shall contain other covenants, conditions, and restrictions which\nthe legislative body prescribes;\n (h) may provide for participation in the redevelopment of property in\nthe project area by the owners of all or part of such property if the\nowners agree to participate in the redevelopment in conformity with the\nredevelopment plan adopted by the legislative body for the area. Such\nplan may extend reasonable preference to persons who are engaged in\nbusiness in the project area to reenter in business within the\nredeveloped area if they otherwise meet the requirements prescribed by\nthe redevelopment plan. Every redevelopment plan which contemplates\nproperty owner participation in the redevelopment of the project area\nshall contain alternative provisions for redevelopment of the property\nif the owners fail to participate in the redevelopment as agreed;\n (i) may provide for the issuance of bonds by the municipality and for\nthe use of the proceeds from their sale in carrying out the\nredevelopment plan. If such an issuance is provided for, the\nredevelopment plan shall also contain adequate provision for the payment\nof principal and interest when they become due and payable;\n (j) may provide for the municipality to acquire by gift, purchase,\nlease, or condemnation all or part of the real property in the project\narea;\n (k) may provide for the expenditure of money by the municipality and\nfor the municipality to undertake and complete any proceedings necessary\nto carry out the project;\n (l) shall provide a limitation on the amount of bonds which may be\nissued pursuant to section nine hundred seventy-o of this article for\nthe purpose of carrying out or administering the redevelopment plan;\n (m) may provide in any year during which the municipality owns real\nproperty in a redevelopment project for the payment to any city, county,\ntown, village or district for whose benefit a tax would have been levied\nupon such property had
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