Hawaii Revised Statutes Division 1. Government § 53-12

The redevelopment agency shall sell or lease real property acquired by it for a redevelopment project at its fair value for use in accordance with the redevelopment plan notwithstanding the value may be less than the cost of acquiring and preparing the property for redevelopment. The property may be sold or leased to one or more individuals, corporations, or public bodies or to a redevelopment corporation under such limitations, restrictions, requirements, or covenants as will insure its being developed and continued in use in accordance with the redevelopment plan, and in a manner that will best promote the interests and welfare of the urban area in which the project is situated; provided that where a redevelopment corporation is the purchaser or lessee, the contract or conveyance shall include a statement of the tax exemption, if any, which will be allowable under section 53-38, and any other terms necessary to carry into effect the provisions of this part relating to redevelopment corporations; provided further that before making a contract to sell land in a project area planned for single family residential development, the agency shall give published notice of intention so to contract, or to sell the property, and within sixty days after the first publication of the notice, any individual or individuals, who owned land in the project area immediately before acquisition thereof by the agency, shall be entitled to preference in the purchase of one residential homesite therein; and provided further that if the agency decides to lease any of the acquired property, the following requirements and limitations shall apply:

The agency shall enforce the limitations, restrictions, requirements, and covenants throughout their duration by injunction, or other action at law or in equity, or by any other appropriate means. The limitations, restrictions, requirements, or covenants shall have the effect of covenants running with the land for such period and with such exceptions as may be provided in the deeds or contracts relating to such sale or leasing. In making the sale or lease the agency shall impose and require among other things a reasonable time limit for initiating construction of the redevelopment project.