How the authority can lease project property

(a) Notwithstanding any law to the contrary, including [section] 206E-14, except as prohibited by section 206E-31.5, the authority may, without recourse to public auction or public notice for sealed bids, lease for a term not exceeding sixty-five years all or any portion of the real or personal property constituting a project to any person, upon such terms and conditions as may be approved by the authority, if the authority finds that the lease is in conformity with the community development plan. (b) In the case of any sale of the leasehold interest in the project, the terms of the sale shall provide for the repurchase of the leasehold property by the authority at its option, in the event that the purchaser, if other than a state agency, desires to sell the property within ten years; provided that this requirement may be waived by the authority if the authority determines that a waiver will not be contrary to the community development plan. The authority shall establish at the time of original sale a formula setting forth a basis for a repurchase price based on market considerations including but not limited to interest rates, land values, construction costs, and federal tax laws. If the purchaser in a residential project is a state agency, the authority may include as a term of the sale a provision for the repurchase of the property in conformance with this section .