Okla. Stat. tit. 11, § 11-38-114

purchasers or lessees - Owner participation agreements.

A. An Urban Renewal Authority may sell, lease or otherwise

dispose of or transfer real property or any interest therein

acquired by it at its fair value to a redevelopment corporation or

any other private person or persons, and may enter into contracts

with respect thereto, under reasonable negotiating procedures as may

be prescribed by the municipal governing body, for residential,

recreational, commercial, industrial or other uses or for public

uses, or may retain such property for public use, in accordance with

the urban renewal plan. The sale, lease or other disposition or

transfer of real property or interest therein may be subject to such

covenants, conditions, and restrictions, including covenants running

with the land, as the Urban Renewal Authority may deem to be

necessary or desirable to assist in preventing the development or

spread of future blight or to otherwise carry out the purposes of

this article; provided that such sale, lease, disposition, transfer

or retention, may be approved by the municipal governing body and

may be made only after approval of the urban renewal plan by the

municipal governing body. A copy of the agreement or agreements

related to the sale, lease, disposition or transfer shall be filed

as a public record with the clerk of the municipality and the county

clerk of the county in which the situs of the municipality is

located.

B. The municipality may transfer real property necessary and

convenient to the execution of an approved urban renewal plan, or

any interest therein, acquired by it, to the Urban Renewal Authority

or a redevelopment corporation established under the provisions of

this article. The transfer of real property or any interest therein

to the Urban Renewal Authority shall be on such terms as may be

deemed to be desirable and in the public interest. Such property,

or interest therein, transferred to a redevelopment corporation

shall be at its fair values for uses in accordance with an approved

urban renewal plan. Any such transfer of real property or interest

therein shall be by agreement to be executed only after approval of

the urban renewal plan by the municipal governing body. A copy of

the agreement or agreements related to such transfer of real

property shall be filed as a public record with the clerk of the

municipality and the county clerk of the county in which the situs

of the municipality is located.

C. Purchasers or lessees of real property in an urban renewal

area and their successors and assignees shall be obligated to devote

such real property only to the uses specified in the urban renewal

plan, and may be obligated to comply with such other requirements as

the Urban Renewal Authority or the municipal governing body may

determine to be in the public interest, including but not limited to

the obligation to begin and complete within a reasonable time any

Oklahoma Statutes - Title 11. Cities and Towns Page 416

improvements on such real property required by the urban renewal

plan. The Urban Renewal Authority or municipality may require an

appropriate performance bond to insure compliance with such

requirements.

D. In determining the fair value of real property for uses in

accordance with the urban renewal plan, the Urban Renewal Authority

or the municipality, whichever the case may be, shall take into

account and give consideration to the uses provided in such plan;

the restrictions upon and the covenants, conditions and obligations

assumed by the purchaser or lessee or by a public body or public

agency retaining the property, and the objectives of such plan for

the prevention of the recurrence of blighted areas. The Urban

Renewal Authority in any instrument of conveyance to a private

purchaser or lessee or the municipality in any instrument of

conveyance to a redevelopment corporation may provide that such
obligations

assumed by the purchaser or lessee or by a public body or public

agency retaining the property, and the objectives of such plan for

the prevention of the recurrence of blighted areas. The Urban

Renewal Authority in any instrument of conveyance to a private

purchaser or lessee or the municipality in any instrument of

conveyance to a redevelopment corporation may provide that such

purchaser or lessee shall be without power to sell, lease or

otherwise transfer the real property without prior written consent

until such purchaser or lessee has completed the construction of any

or all improvements which such purchaser has obligated himself to

construct thereon. Real property acquired for urban renewal

purposes by the municipality or the Urban Renewal Authority shall be

transferred as rapidly as feasible in the public interest consistent

with the carrying out of the provisions of the urban renewal plan to

a redevelopment corporation or other private person or persons. The

urban renewal plan, or such part or parts of such plan as the Urban

Renewal Authority or the municipality may determine, may be recorded

in the land records of the county in such manner as to afford actual

or constructive notice thereof.

E. An Urban Renewal Authority or a municipality may operate and

maintain, during the project development stage, real property

acquired in an urban renewal area pending the disposition of the

property as authorized in this article, for such uses and purposes

as may be deemed desirable even though not in conformity with the

urban renewal plan.

F. The urban renewal plan may provide that the owners of record

of lands within the urban renewal project at the time of project

execution, if the Urban Renewal Authority deems it feasible and

finds that such owners of record are financially and otherwise

qualified, may retain their land and participate in the renewal or

redevelopment of the project area. In every such case, the Urban

Renewal Authority shall enter into an owner participation agreement

with such owner or owners, which agreement shall provide that the

owner agrees to carry out the purposes of the urban renewal plan, to

devote such property to uses specified in the urban renewal plan,

and shall contain provisions deemed to be necessary or desirable to

assist in preventing the development or spread of future blight or

to otherwise carry out the purposes of this article. Such agreement

Oklahoma Statutes - Title 11. Cities and Towns Page 417

shall contain such requirements as the Urban Renewal Authority may

determine to be in the public interest, including the obligation to

begin and complete within a reasonable time any improvements,

necessary remodeling modification of any existing structure or

structures on the real property required by the urban renewal plan.

The Urban Renewal Authority may require an appropriate performance

bond to insure compliance with such requirements. In all other

respects, the owner participation agreement shall be consistent with

and make requirements similar to the conditions to sale developed

for similar property in the same project.