                                 CODE OF VIRGINIA

MAKING PROPERTY AVAILABLE FOR CONSERVATION OR REDEVELOPMENT (§ 36-53)

An authority may make land in a conservation or redevelopment area available for
purchase or use by nongovernmental persons or entities or public agencies in
accordance with the conservation or redevelopment plan. Such land may be made
available at its fair value, which represents the value at which the authority
determines such land should be made available in order that it may be developed,
conserved or redeveloped for the purposes specified in such plan.
		To assure that land acquired in a conservation or redevelopment area is used
in accordance with the conservation or redevelopment plan, an authority, upon
the sale or lease of such land, shall obligate purchasers or lessees: (1) to use
the land for the purpose designated in the conservation or redevelopment plan;
(2) to begin the building of their improvements within a period of time which
the authority fixes as reasonable; and (3) to comply with such other conditions
as are necessary to carry out the purposes of this chapter. Any such obligations
by the purchaser shall be covenants and conditions running with the land where
the authority so stipulates.

HISTORY: 1946, p. 280; Michie Suppl. 1946, § 3145(8f); 1970, c. 222; 2006, c.
784.