Hawaii Revised Statutes 53-33 – Advances by redevelopment corporation
Terms Used In Hawaii Revised Statutes 53-33
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A redevelopment agency may enter into a contract with a redevelopment corporation at any time after approval of a redevelopment plan whereby the corporation will pay or agree to pay an agreed sum or sums, or such sums as may be necessary, to be expended by the agency in the acquisition or clearing, or both, of real property for a redevelopment project, under such terms as are satisfactory to the agency; provided that no contract may obligate the agency to refund any portion of the sums so paid except such portion as may remain unexpended after the acquisition or clearing, or both. The contract may include an agreement to sell or lease property subject to sale or lease covered by the redevelopment project to the redevelopment corporation after acquisition and clearing of the land in the project.