Redevelopment Law

This act establishes a legal framework for the elimination and redevelopment of blighted areas, authorizing designated redevelopment authorities to prepare redevelopment plans and carry out projects within the areas those plans cover, subject to approval by the municipality in which the project lies. It equips those authorities to acquire, develop, and dispose of land and improvements — including property outside blighted areas — and to make redeveloped property available to private enterprise or public agencies by sale or lease at values determined under prescribed standards, with obligations imposed on purchasers and lessees. It also provides the financing and intergovernmental machinery for that work, authorizing federal financial aid and the pledging of security for it, treating authority bonds and other obligations as legal investments and securities, addressing the taxation of leased project property, and enabling state public bodies to cooperate in aid of redevelopment projects.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.