The redevelopment agency may sell or lease, for such sums as may be agreed upon, the
whole or any part of a redevelopment area to the redeveloper, or, if the property
is to be used for public purposes, to an appropriate public agency. The consideration
paid for the sale or lease of the property shall be determined by the redevelopment
agency, provided, if the cost or carrying charges of such land to the redevelopment
agency are greater than such consideration, the redevelopment agency shall first have
specific authorization from the board of aldermen for the sale or lease at any lesser
consideration, and the city may appropriate and authorize the expenditure of money
to compensate for any portion of the difference between the acquisition cost of such
property and such sale or lease price of such property at a lesser consideration to
a redeveloper, but in no case shall sale or lease price be lower than the use value
of such property. Each contract for sale or lease to a redeveloper shall provide,
among other things that the property transferred shall be developed and used in accordance
with the redevelopment plan or such plan as modified with the approval of the redevelopment
agency, that the building of the improvements shall be begun within a period of time
which the redevelopment agency fixes as reasonable and that all transfers of properties
by the redeveloper shall be subject to the consent of the redevelopment agency. Any
contract for sale or lease shall be approved by the board of aldermen before its final
approval by the redevelopment agency.