Section 62208 Of Part 3. Property Acquisition From California Government Code >> Division 4. >> Title 6. >> Part 3.
62208
. (a) The authority shall retain controls and establish
restrictions or covenants running with land sold or leased for
private use for those periods of time and under those conditions as
are provided in the plan. The establishment of those controls is a
public purpose under this division.
(b) An authority shall obligate lessees or purchasers of property
acquired in a revitalization project to:
(1) Use the property for the purpose designated in the
revitalization plans.
(2) Begin the revitalization of the project area within a period
of time which the authority fixes as reasonable.
(3) Comply with the covenants, conditions, or restrictions that
the authority deems necessary to prevent speculation or excess
profittaking in undeveloped land, including right of reverter to the
agency. Covenants, conditions, and restrictions imposed by an
authority may provide for the reasonable protection of lenders.
(4) Comply with other conditions which the authority deems
necessary to carry out the purposes of this part.