HB0378_S_Amend

AMEND by striking lines 57 through 75 in their entirety and insert in lieu thereof the following:

(7) (a) Any such sale, lease, trade, exchange or other disposition of industrial sites may be made, completed or executed upon such terms and conditions and for such monetary * * * or other consideration as may be found adequate and approved by the authority in orders or resolutions authorizing the same subject to the provisions of paragraphs (b) and (c) of this subsection.

(b) In cases involving the lease of industrial sites, any covenants and obligations of the lessee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such lessee and to conduct thereon industrial operations in such aggregate payroll amounts and for such period of time or times as may be determined by the authority and defined in the transaction documents, and to give preference in employment where practicable to qualified residents of the county, shall, if included in the transaction documents, constitute and be deemed sufficient consideration for the execution of any such transaction document in the absence of a monetary * * * or other considerations. A lease may contain reasonable provisions giving the lessee the right to remove its or his improvements upon termination of the lease.

(c) In cases other than a lease of an industrial site, any covenants and obligations of the grantee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such grantee and to conduct thereon industrial operations in such aggregate payroll amounts and for such period of time or times as may be determined by the authority and defined in the transaction documents, and to give preference in employment where practicable to qualified residents of the county, shall, if included in the transaction documents, constitute and be deemed sufficient consideration for the execution of any such transaction document in the absence of a monetary or other considerations; however, the title to the property shall be transferred by a lease-purchase agreement with the stipulation that the conditions included in the transaction documents must be met to the satisfaction of the authority in order for the sale, trade, exchange or other disposition of the industrial site to be finally consummated.