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| Redevelopment
Overview |
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Powers of a Redevelopment Entity Designation as an "area in need of redevelopment" carries with it a broad range of powers that the municipality and/or the Redevelopment Entity may exercise to implement the Redevelopment Plan. Perhaps the most important of these powers is the power of eminent domain. Municipalities can acquire by eminent domain private property which has been designated as an "area in need of redevelopment" and can then convey that property to a redeveloper which it has designated. This allows for the redevelopment of private property in circumstances when the owner does not wish to sell or otherwise participate in the redevelopment process. Once the Redevelopment Entity has acquired the property, it may then convey it, without public bidding and for nominal consideration, to the designated redeveloper. Other powers vested in the Redevelopment Entity following an "area in need of redevelopment" designation include the power to:
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