HRS §53-35
Restrictions on selling a redevelopment project
For 35 years after a redevelopment corporation gets property, it cannot sell any part of it without the agency's approval. If the project is sold, leased, or foreclosed on by someone else, any tax break it had ends right away.
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The statute, as written — Transfer of title or foreclosure of project
Until the expiration of thirty-five years from the date of acquisition of property of or in a redevelopment project by a redevelopment corporation, it shall not have power to sell the property or any interest therein without the consent of the redevelopment agency. Upon acquisition of the project by any person, firm, or corporation other than another redevelopment corporation, by lease or sale, or upon the initiation of foreclosure proceedings any tax exemption or partial tax exemption granted to the project shall immediately terminate.
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