A corporation must dispose of acquired property in line with the development plan and may transfer it only under the section’s conditions.
§8015. Disposition of property in tax increment development area A. Subject to the provisions of R.S. 47:8014(B)(1), real property acquired by a corporation pursuant to this Chapter and in accordance with the tax increment development plan shall be disposed of, as provided in this Section, as soon as feasible, consistent with the public interest and the requirements of the plan. B. A corporation may sell, lease or otherwise transfer real property or any interest therein acquired by it in a tax increment development area for residential, recreational, commercial, industrial or other uses or for public use, in accordance with a plan, subject to such covenants, conditions and restrictions, including covenants running with the land, as it may deem to be necessary or desirable to carry out the purposes of this Chapter, including covenants requiring owners/occupants of residential real property to not claim any applicable exemptions to ad valorem taxation provided for by any provision of Louisiana law. The purchasers or lessees and their successors and assigns shall devote such real property solely to the uses specified for such property in the plan, and shall comply with such other requirements and restrictions as the corporation may determine to be in the public interest. Except as provided under Subsection C of this Section, such real property or interest shall be sold, leased, or otherwise transferred at not less than its fair value for the use for which such property is intended. In determining the fair value of real property for uses in accordance with the plan, the corporation shall consider the use designated for the real property in the plan, the covenants, conditions and obligations assumed by the purchaser or lessee, and the purposes of this Chapter. The corporation, in any instrument of conveyance to a private purchaser or lessee, may provide that such purchaser or lessee shall not, before he has obligated himself to construct thereon, sell, lease, or otherwise transfer the real property without the prior written consent of the corporation. C. A corporation may sell, lease, or otherwise transfer real property or any interest therein acquired by it in a new community development area for residential, recreational, commercial, industrial or other uses or for public use to private developers, nonprofit organizations or public agencies at less than its fair value for uses in accordance with a plan when and only when all of the following provisions of this Subsection have been complied with: (1) The corporation has duly adopted comprehensive guidelines, equally applicable to private developers and public agencies, governing the formulation of and the participation of such developers and agencies in, programs designed to provide adequate housing for low and moderate income families; to increase recreational facilities, and to provide health care or job opportunities or other public needs; and such guidelines have been filed as provided in R.S. 47:8013(C); and (2) Written agreements assuring compliance with the aforementioned guidelines have been entered into between the corporation and interested developers, public agencies or nonprofit organizations. D. Notwithstanding the provisions of any general, special or local law and subject to any agreement with noteholders, bondholders or guarantors, any such sale, lease or other transfer pursuant to Subsections B and C of this Section may be made without public bidding or public sale, pursuant to negotiated contracts, agreements or leases, containing such provisions, limitations, requirements, terms and conditions as the corporation in its discretion may determine to be necessary or desirable for the effectuation of a tax increment development plan. E. A corporation may operate, maintain or lease real property acquired by it in a tax increment development area for or in connection with a tax increment development project, pending disposition of the property as authorized in this Chapter, without regard to the provisions of Subsection A above, for such uses and purposes as may be deemed desirable even though not in connection with the plan, provided, however, that in no event shall such uses be of a permanent nature or interfere in any way with the implementation of the plan and provided further that the question of the continuance of such uses shall be reviewed by the corporation on a yearly basis. F. Except in the case of a public body or nonprofit corporation or institution seeking to avail itself of Subsection C of this Section, real property acquired in accordance with a tax increment development plan may be disposed of to a public body for public reuse or to a nonprofit corporation or institution without regard to the provisions of this Section. Acts 1988, No. 996, §1.