This bill introduces new regulations regarding the resale of real property previously owned by public bodies and addresses deed restrictions on commercial real property. Specifically, it stipulates that any real property sold by a public body to a private party cannot be resold for a period of 10 years unless the new buyer enters into a formal agreement to pay prevailing wage rates for any construction or maintenance work performed during that time. Additionally, the Commissioner of Labor and Workforce Development is tasked with creating standardized contractual language to implement these provisions.

Furthermore, the bill declares that any deed restriction preventing commercial real property from being used for the same purpose as it was used by the seller is against public policy and thus void and unenforceable. However, it clarifies that other provisions of a deed restriction that do not conflict with existing laws will remain valid. The act is set to take effect immediately and will apply to all relevant transactions occurring after its enactment.

Statutes affected:
Introduced: 34:11-56.27