§ 8. Sale or lease of industrial projects. (1) Notwithstanding the\nprovisions of any general, special or local law, subject to any\nagreement with noteholders or bondholders, the corporation may sell or\nlease any industrial project, without public bidding or public sale, for\nsuch price or rental and upon such terms as may be agreed upon between\nthe corporation and such purchaser or lessee, either prior to, at the\ndate of, or subsequent to the completion of the project by the\ncorporation, provided, however, that in the case of a lease, the term\nthereof shall not exceed ninety-nine years. Where such contract for sale\nor lease is entered into after the commencement of construction and\nprior to the physical completion of the improvement to be conveyed or\nleased, the corporation may complete the construction and development of\nsuch improvement prior to the actual conveyance or lease.\n (2) Before any sale or lease of all or a substantial part of a project\nas authorized by subdivision one of this section is consummated, there\nshall be published in at least one newspaper of general circulation in\nthe municipality in which the project is located a notice which shall\ninclude a statement of the identity of the proposed purchaser or lessee,\nthe price or rental to be paid, all other essential conditions of such\nsale or lease, and a statement that a public hearing upon such sale or\nlease will be held before the corporation at a specified time and place\non a date not less than ten days after such publication, and such\nhearing shall be held in accordance with such notice; provided, however,\nthat if the corporation determines that trade secrets or other\nconfidential information about the prospective purchaser's or lessee's\nbusiness operations, products, processes or designs would otherwise be\nrevealed by such public notice and public hearing, the requirements of\nthis subdivision may be waived by unanimous vote of the directors of the\ncorporation.\n
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