Sec. 6.37. - [Authority; notice; determination of value.]

[The redevelopment commission of the Town of Chapel Hill is authorized to] convey at private sale to any other redeveloper particular properties within a redevelopment area where it finds the proposed redeveloper is the only known available qualified and willing redeveloper for the contemplated use and makes one or more of the following findings and all such findings are verified and approved by the governing body of the municipality after a public hearing, notice of which shall be given once a week for two (2) successive calendar weeks in a newspaper published in the municipality, by posting such notice at four public places in the municipality, said notice to be published the first time, or posted, not less than fifteen (15) days prior to the date fixed for said hearing:

a.

That the proposed use or redevelopment is necessary in order to facilitate the relocation of persons or firms displaced by a redevelopment project or other governmental action;

b.

That the proposed use or redevelopment is reasonably necessary in order to assure development which will have the desired beneficial effect upon neighboring property, the project area, and the community as a whole, as contemplated by the redevelopment plan;

c.

That the proposed use or redevelopment will assure that the property will not remain unused for an unduly long period and will result in a return to the local ad valorem rolls at a substantially earlier date than uses or redevelopments obtainable by other methods of disposition.

Such conveyance shall be for such consideration as may be agreed upon by the commission and the redeveloper and approved by the governing body of the municipality, which shall not be less than the fair, actual value of the property as determined by the commission and by the governing body of the municipality, based on competent evidence.

(Acts 1973, Ch. 346, § 4)