(a) The Authority may sell, lease or otherwise transfer real property or any interest therein acquired by it, and may enter into contracts with respect thereto, in an urban renewal area for residential, recreational, commercial, industrial or other uses or for public use, or may retain such property or interest for public use, in accordance with the urban renewal plan, subject to such covenants, conditions and restrictions, including covenants running with the land, as it may deem to be in the public interest or necessary to assist in preventing the development or spread of future slums or blighted areas or to otherwise carry out the purposes of this chapter: Provided, That such sale, lease, other transfer, or retention, and any agreement relating thereto, may be made only after the approval of the urban renewal plan by the Legislature and the approval of the project by the Governor.
(b) The purchasers or lessees and their successors and assigns shall be obligated to devote such real property only to the uses specified in the urban renewal plan, and may be obligated to comply with such other requirements as the Authority may determine to be in the public interest or the Federal Government may determine to be necessary as a condition of Federal aid, including the obligation to begin and to complete within a reasonable time any improvements on such real property required by the urban renewal plan and the new uses specified therein: Provided, That any obligation to begin construction of improvements shall not apply to mortgagees and others who acquire an interest in such property as the result of the enforcement of any lien or claim thereon.
(c) Such real property or interest shall be sold, leased, otherwise transferred, or retained at not less than its fair value for uses in accordance with the urban renewal plan. In determining the fair value of real property for uses in accordance with the urban renewal plan, the Authority shall take into account and give consideration to the uses provided in such plan; the restrictions upon, and the covenants, conditions, and obligations assumed by the purchaser or lessee or by the Authority retaining the property; the benefits to be derived by such purchaser or lessee in acquiring, or by the Authority in retaining, such real property in an urban renewal area; and the objectives of such plan for the prevention of the recurrence of slum or blighted areas. The Authority may retain or employ qualified appraisers and land valuation experts to appraise the value of such real property in accordance with the standards here prescribed, which appraisals shall be advisory in nature only for the purpose of aiding and assisting the Authority in finding, determining and establishing the fair value of such real property for uses in accordance with the urban renewal plan.
(d) The Authority in any instrument of conveyance to a purchaser or lessee may provide that such purchaser or lessee shall be without the power to sell, lease or otherwise transfer the real property without the prior written consent of the Authority until he has completed the construction of any and all improvements which he has obligated himself to construct thereon; and the Authority may provide, in any such instrument of conveyance, that such real property shall revert to or revest in the Authority, at its discretion, upon a breach or violation of any condition, covenant, restriction, undertaking, or other requirement relating to the use of the property or otherwise, without relieving any purchaser or lessee and successors or assigns of any obligation assumed by such purchaser or lessee, and without liability on the part of the Authority for any claim arising from such revesting or reversion. The Authority, upon a certification by it to a court of competent jurisdiction that any purchaser or lessee or their successors and assigns has breached or violated any condition, covenant, restriction, undertaking, or requirement, shall be entitled to immediate relief (without bond or liability for damages) restraining and enjoining any such breach or violation, pending the determination of the issues in the controversy.
(e) The inclusion in any such contract or conveyance to a purchaser or lessee of any of the covenants, restrictions, or conditions provided in subsections (a), (b), (c), and (d) of this section (including the incorporation by reference therein of the provisions of an urban renewal plan or any part thereof) shall not prevent the filing of such contract or conveyance in the land records of the Virgin Islands in such a manner as to afford actual or constructive notice thereof.
(f) Real property acquired by the Authority which, in accordance with the provisions of the urban renewal plan, is to be transferred, shall be transferred as rapidly as feasible in the public interest consistent with the carrying out of the provisions of the urban renewal plan.
(g) The Authority may dispose of real property in an urban renewal area to private persons only under such reasonable competitive bidding procedures as it shall prescribe, or as hereinafter provided in this subsection, or under such procedures as the Federal Government may prescribe. The Authority may, by public notice by publication once each week for two consecutive weeks in a newspaper having a general circulation in the community, prior to the execution of any contract to sell, lease or otherwise transfer real property and prior to the delivery of any instrument of conveyance with respect thereto under the provisions of this section, invite proposals from persons interested in undertaking to redevelop or rehabilitate an urban renewal area, or any part thereof. Such notice shall identify the area, or portion thereof, and shall state that proposals shall be made by those interested within 30 days after the date of publication of said notice, and that such further information as is available may be obtained at such office as shall be designated in said notice. The Authority shall consider all such redevelopment or rehabilitation proposals and the financial and legal ability of the persons making such proposals to carry them out, and may negotiate with any persons for the purchase, lease or other transfer of any real property acquired by the Authority in the urban renewal area. The Authority may accept such proposal as it deems to be in the public interest and in furtherance of the purposes of this chapter: Provided, That a notification of intention to accept such proposal shall be filed with the Governor not less than 30 days prior to any such acceptance. Thereafter, the Authority may execute such contract in accordance with the provisions of subsections (a), (b), (c), and (d) of this section and deliver deeds, leases, and other instruments and take all steps necessary to effectuate such contract.
(h) The Authority may temporarily operate and maintain real property acquired in an urban renewal area pending the disposition of the property as authorized, without regard to the provisions of subsections (a), (b), (c), (d), (e), and (f) of this section, for such uses and purposes as may be deemed desirable even though not in conformity with the urban renewal plan.