(a) The authority may make land in a transit-oriented redevelopment project available for use by private enterprise or public agencies in accordance with the transit-oriented redevelopment plan. The land may be made available at its use value, which represents the value, whether expressed in terms of rental or capital price, at which the authority determines the land should be made available in order that it may be developed or redeveloped for the purposes specified in the plan.
Terms Used In Tennessee Code 13-20-705
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b)(1) To assure that land acquired in a transit-oriented redevelopment project is used in accordance with the redevelopment plan, an authority, upon the sale or lease of the land, shall obligate purchasers or lessees to:
(A) Use the land for the purpose designated in the transit-oriented redevelopment plan;(B) Begin the building of their improvements within a period of time which the authority fixes as reasonable; or(C) Comply with any other conditions as are necessary to carry out the purposes of this part.(2) Any such obligations by the purchaser shall be covenants and conditions running with the land where the authority so stipulates.
