{"data":{"id":"us-ok/okla.-stat.-tit.-11-11-38-114","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 11, § 11-38-114","heading":"Sale or lease of real property - Obligations of","body":"purchasers or lessees - Owner participation agreements.\n\nA. An Urban Renewal Authority may sell, lease or otherwise\n\ndispose of or transfer real property or any interest therein\n\nacquired by it at its fair value to a redevelopment corporation or\n\nany other private person or persons, and may enter into contracts\n\nwith respect thereto, under reasonable negotiating procedures as may\n\nbe prescribed by the municipal governing body, for residential,\n\nrecreational, commercial, industrial or other uses or for public\n\nuses, or may retain such property for public use, in accordance with\n\nthe urban renewal plan. The sale, lease or other disposition or\n\ntransfer of real property or interest therein may be subject to such\n\ncovenants, conditions, and restrictions, including covenants running\n\nwith the land, as the Urban Renewal Authority may deem to be\n\nnecessary or desirable to assist in preventing the development or\n\nspread of future blight or to otherwise carry out the purposes of\n\nthis article; provided that such sale, lease, disposition, transfer\n\nor retention, may be approved by the municipal governing body and\n\nmay be made only after approval of the urban renewal plan by the\n\nmunicipal governing body. A copy of the agreement or agreements\n\nrelated to the sale, lease, disposition or transfer shall be filed\n\nas a public record with the clerk of the municipality and the county\n\nclerk of the county in which the situs of the municipality is\n\nlocated.\n\nB. The municipality may transfer real property necessary and\n\nconvenient to the execution of an approved urban renewal plan, or\n\nany interest therein, acquired by it, to the Urban Renewal Authority\n\nor a redevelopment corporation established under the provisions of\n\nthis article. The transfer of real property or any interest therein\n\nto the Urban Renewal Authority shall be on such terms as may be\n\ndeemed to be desirable and in the public interest. Such property,\n\nor interest therein, transferred to a redevelopment corporation\n\nshall be at its fair values for uses in accordance with an approved\n\nurban renewal plan. Any such transfer of real property or interest\n\ntherein shall be by agreement to be executed only after approval of\n\nthe urban renewal plan by the municipal governing body. A copy of\n\nthe agreement or agreements related to such transfer of real\n\nproperty shall be filed as a public record with the clerk of the\n\nmunicipality and the county clerk of the county in which the situs\n\nof the municipality is located.\n\nC. Purchasers or lessees of real property in an urban renewal\n\narea and their successors and assignees shall be obligated to devote\n\nsuch real property only to the uses specified in the urban renewal\n\nplan, and may be obligated to comply with such other requirements as\n\nthe Urban Renewal Authority or the municipal governing body may\n\ndetermine to be in the public interest, including but not limited to\n\nthe obligation to begin and complete within a reasonable time any\n\nimprovements on such real property required by the urban renewal\n\nplan. The Urban Renewal Authority or municipality may require an\n\nappropriate performance bond to insure compliance with such\n\nrequirements.\n\nD. In determining the fair value of real property for uses in\n\naccordance with the urban renewal plan, the Urban Renewal Authority\n\nor the municipality, whichever the case may be, shall take into\n\naccount and give consideration to the uses provided in such plan;\n\nthe restrictions upon and the covenants, conditions and obligations\n\nassumed by the purchaser or lessee or by a public body or public\n\nagency retaining the property, and the objectives of such plan for\n\nthe prevention of the recurrence of blighted areas. The Urban\n\nRenewal Authority in any instrument of conveyance to a private\n\npurchaser or lessee or the municipality in any instrument of\n\nconveyance to a redevelopment corporation may provide that such\nobligations\n\nassumed by the purchaser or lessee or by a public body or public\n\nagency retaining the property, and the objectives of such plan for\n\nthe prevention of the recurrence of blighted areas. The Urban\n\nRenewal Authority in any instrument of conveyance to a private\n\npurchaser or lessee or the municipality in any instrument of\n\nconveyance to a redevelopment corporation may provide that such\n\npurchaser or lessee shall be without power to sell, lease or\n\notherwise transfer the real property without prior written consent\n\nuntil such purchaser or lessee has completed the construction of any\n\nor all improvements which such purchaser has obligated himself to\n\nconstruct thereon. Real property acquired for urban renewal\n\npurposes by the municipality or the Urban Renewal Authority shall be\n\ntransferred as rapidly as feasible in the public interest consistent\n\nwith the carrying out of the provisions of the urban renewal plan to\n\na redevelopment corporation or other private person or persons. The\n\nurban renewal plan, or such part or parts of such plan as the Urban\n\nRenewal Authority or the municipality may determine, may be recorded\n\nin the land records of the county in such manner as to afford actual\n\nor constructive notice thereof.\n\nE. An Urban Renewal Authority or a municipality may operate and\n\nmaintain, during the project development stage, real property\n\nacquired in an urban renewal area pending the disposition of the\n\nproperty as authorized in this article, for such uses and purposes\n\nas may be deemed desirable even though not in conformity with the\n\nurban renewal plan.\n\nF. The urban renewal plan may provide that the owners of record\n\nof lands within the urban renewal project at the time of project\n\nexecution, if the Urban Renewal Authority deems it feasible and\n\nfinds that such owners of record are financially and otherwise\n\nqualified, may retain their land and participate in the renewal or\n\nredevelopment of the project area. In every such case, the Urban\n\nRenewal Authority shall enter into an owner participation agreement\n\nwith such owner or owners, which agreement shall provide that the\n\nowner agrees to carry out the purposes of the urban renewal plan, to\n\ndevote such property to uses specified in the urban renewal plan,\n\nand shall contain provisions deemed to be necessary or desirable to\n\nassist in preventing the development or spread of future blight or\n\nto otherwise carry out the purposes of this article. Such agreement\n\nshall contain such requirements as the Urban Renewal Authority may\n\ndetermine to be in the public interest, including the obligation to\n\nbegin and complete within a reasonable time any improvements,\n\nnecessary remodeling modification of any existing structure or\n\nstructures on the real property required by the urban renewal plan.\n\nThe Urban Renewal Authority may require an appropriate performance\n\nbond to insure compliance with such requirements. In all other\n\nrespects, the owner participation agreement shall be consistent with\n\nand make requirements similar to the conditions to sale developed\n\nfor similar property in the same project.","path":["OK Code","Title 11"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os11.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"fc3aa26d264fb8119687c0b089ceb4c5a19db1b74172e5fc19937b6eb6653b34","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-11-11-38-113","next":"us-ok/okla.-stat.-tit.-11-11-38-115"},"notice":"GroundRules: Original legal text. Not legal advice."}