81
STAT.]
PUBLIC LAW 90-176-DEC. 6, 1967
the children of such owner shall be entitled to exercise the priority of such owner in accordance with the provisions of this section, but in no event shall any such priority be otherwise transferable: Provided, hoice'ver^ That the spouse or the children, as the case may be, shall have no greater priority than the priority holder would have had if living. For purposes of exercising such priority, the spouse or children, as the case may be, shall be deemed to be owner of such business concern so displaced." (4) The last sentence in section 4(b) of such Act is amended by striking out the period at the end thereof and inserting in lieu thereof a comma and the following: "except that if after the end of such one-hundred-and-eighty-day period the Agency shall change the terms under which real property is to be leased, or the redevelopment plan for the area described in the first section of this Act is changed so as to affect the economic value of the leasehold, the Agency shall in writing notify each such owner of the change or changes so made and give ' to such owner so notified a period of sixty days within which to advise the Agency in writing of his intention and to demonstrate his ability to proceed as aforesaid." (5) Section 4 of such Act is amended by adding at the end thereof the following new subsection: " (c)(1) Notwithstanding any other provision of law, whenever, pursuant to subsection (b), the Agency offers leaseholds to persons entitled to a priority of opportunity to lease under the provisions of this section, the annual rent prescribed in such lease shall not exceed an amount which is the greater of— " (A) an amount equal to 6 per centum of the residual value of the land for the prescribed use to which any owner of a displaced business concern shall put such land under such lease; " (B) the annual amount which the Agency shall be required to pay in principal and interest on a forty-year loan of an amount equal to the residual value of the land under such lease which value is the residual value of the land which was determined by. the Agency, in accordance with this subsection, and on the basis of which such land was initially leased under this section; or " (C) the sum of (i) the amount determined under subparagraph (A) or (B) of this paragraph, whichever is greater, and (ii) 50 per centum of the product of the occupancy cost factor for the class and character of the busine-ss of such lessee times the amount by which the lessee's actual annual gross sales income exceeds the estimated gross sales income (for the class and character of the displaced business) used by the Agency in determining the residual value of the land leased to such lessee. I n the case of any land which the Agency leases under this section, the annual rent prescribed by the Agency in the lease of such land shall not, during the forty-three-year period beginning on the date such land was first leased by the Agency under this section, be less than the amount determined under subparagraph (B) of this paragraph. I n the case of any land which the Agency leases under this section to a displaced business, the residual value of such land—" (I) may be redetermined by the Agency after the expiration of twenty-five years from the date such land was first leased by the Agency and at the end of each ten-year period thereafter, or " ( II) shall be redetermined by the Agency if at the end of the twenty-five-year period from the date such land was first leased by the Agency or at the end of each ten-year period thereafter, the lessee requests the Agency to redetermine such residual value. The residual value of such land shall make due allowance for the cost to the owner of the displaced business of all improvements and public 85-622 0-68—37
543
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