Section 970-F. Redevelopment plan

If the legislative body, by resolution,
  approves a preliminary plan  it  shall  provide  for  preparation  of  a
  redevelopment plan for each project area.
    Each such redevelopment plan:
    (a) shall contain a legal description of the boundaries of the project
  area and shall be based upon the preliminary plan;
    (b) shall show by diagram and in general terms:
    (i)  the  approximate  amount  of open space to be provided and street
  layout;
    (ii) limitations on type, size, height, number  and  proposed  use  of
  buildings;
    (iii) the approximate number of dwelling units; and
    (iv)  the  property to be devoted to public purposes and the nature of
  such purposes;
    (c) shall contain a neighborhood impact statement, which describes the
  physical, social and  economic  conditions  existing  in  the  area  and
  describes  the  impact  of the project upon the residents of the project
  area  and  the  surrounding  areas,  in  terms  of  relocation,  traffic
  circulation, environmental quality, availability of community facilities
  and  services,  effect  on  school  population and quality of education,
  property assessments and taxes, and other matters affecting the physical
  and social quality of the neighborhood;
    (d) shall describe the proposed method of financing the  redevelopment
  of  the  project  area  in  detail  sufficient to determine the economic
  feasibility of the plan;
    (e) shall provide for the municipality  to  lease  or  sell  all  real
  property acquired by it in any project area, except property retained by
  the  municipality  for  public purposes as provided by the redevelopment
  plan;
    (f) shall contain adequate safeguards that the work  of  redevelopment
  will  be  carried out pursuant to the plan and provide for the retention
  of controls and the establishment  of  any  restrictions  or  convenants
  running  with  land  sold  or leased for private use for such periods of
  time and under such conditions as the legislative body  deems  necessary
  to effectuate the purposes of this article;
    (g)  shall contain other covenants, conditions, and restrictions which
  the legislative body prescribes;
    (h) may provide for participation in the redevelopment of property  in
  the  project  area  by the owners of all or part of such property if the
  owners agree to participate in the redevelopment in conformity with  the
  redevelopment  plan  adopted  by the legislative body for the area. Such
  plan may extend reasonable preference to  persons  who  are  engaged  in
  business  in  the  project  area  to  reenter  in  business  within  the
  redeveloped area if they otherwise meet the requirements  prescribed  by
  the  redevelopment  plan.  Every  redevelopment  plan which contemplates
  property owner participation in the redevelopment of  the  project  area
  shall  contain  alternative provisions for redevelopment of the property
  if the owners fail to participate in the redevelopment as agreed;
    (i) may provide for the issuance of bonds by the municipality and  for
  the   use   of  the  proceeds  from  their  sale  in  carrying  out  the
  redevelopment  plan.    If  such  an  issuance  is  provided  for,   the
  redevelopment plan shall also contain adequate provision for the payment
  of principal and interest when they become due and payable;
    (j)  may  provide  for  the municipality to acquire by gift, purchase,
  lease, or condemnation all or part of the real property in  the  project
  area;

    (k)  may  provide for the expenditure of money by the municipality and
  for the municipality to undertake and complete any proceedings necessary
  to carry out the project;
    (l)  shall  provide  a  limitation on the amount of bonds which may be
  issued pursuant to section nine hundred sixty-o of this article for  the
  purpose of carrying out or administering the redevelopment plan;
    (m)  may  provide  in any year during which the municipality owns real
  property in a redevelopment project for the payment to any city, county,
  town, village or district for whose benefit a tax would have been levied
  upon such property had it not been exempt, an amount of money in lieu of
  taxes;
    (n) shall provide a plan for the relocation of families and persons to
  be temporarily or permanently displaced from housing facilities  in  the
  project area, which plan shall include the provision required by section
  nine hundred sixty-j that no person or family of low and moderate income
  shall  be displaced unless and until there is suitable housing available
  and ready for occupancy by such displaced  person  or  family  at  rents
  comparable to those paid at the time of their displacement.