Rhode Island § 45-32-48 - Redevelopment Projects

§ 45-32-48. Authorized acquisition, relocation, and improvement expenses.

(a) Notwithstanding any provisions of chapters 31 — 33 of this title, any redevelopment agency functioning pursuant to § 45-31-10 or 45-31-17, in connection with its undertaking or carrying out a redevelopment project or formulating a redevelopment plan is authorized to:

(1) Acquire real property in any area designated a redevelopment area pursuant to the provisions of § 45-32-4, demolish or remove the structures on the property, provide for relocation of occupants, including the payment of sums for relocation expenses to the occupants of the property that are permitted by the federal government (notwithstanding the limitation in amount imposed by § 45-31-27), and to clear and improve the property, regardless of the stage of development of the redevelopment project or plan or any modification of the plan for that area or any portions of it, whether it is before or after the approval of the plan or its modification by the legislative body, and

(2) Dispose of the property acquired under this section without regard to the provisions of chapters 31 — 33 of this title, for the disposition of property in a project area.

(b) Any sale or lease of the property may be made without public bidding, provided that no sale or lease is made until at least ten (10) days after the legislative body of the community has received from the agency a report concerning the proposed sale or lease and has approved the report by resolution. Any agency may enter into a contract or contracts with private financial institutions and/or with the federal government for the purpose of obtaining financial or technical assistance in connection with the aforedescribed acquisition, demolition, clearance, relocation, and improvement, and may borrow, at interest rates and on other terms and conditions that it may deem proper, from those private financial institutions or the federal government, sums necessary for the acquisition of the real property and related expenses, the management of the real property, the relocation of the occupants of the real property, the demolition of the buildings or structures and the clearance of and improvement of the land and real property so acquired, and other related administrative costs and payments. Any agency may, on terms and conditions that it may deem proper, mortgage or otherwise encumber the property so acquired, or any other property owned by it for the purpose or purposes of securing the repayment of any money borrowed to carry out the aforementioned undertaking.