§ (15A). Industrial and economic development.

(a) Property acquisition.

(1) Subject to paragraph (2) of this subsection, to acquire, within the boundary lines of Baltimore City, land and property of every kind, by purchase, gift, condemnation, or any other legal means for or in connection with the public purpose of the industrial growth of Baltimore City.

(2) Except as authorized by Section (15) of this article, property zoned and occupied exclusively for residential use may not be acquired by condemnation for industrial growth.

(b) Property disposition.

To sell, lease, convey, transfer or otherwise dispose of any of said land or property, irrespective of the manner or means in or by which it may have been acquired, to the United States of America or the State of Maryland, or any department or agency thereof, or to any private, public or quasi-public corporation, partnership, association, person or other legal entity, to be used for or in connection with the industrial and economic growth or expansion of Baltimore City: any lease or rental agreement entered into based upon, or pursuant to, the power and authority contained in this paragraph (15A) or entered into in connection with any of the purposes or objects contemplated by said paragraph is hereby declared to be exclusively for business purposes, and any lessee or tenant who is a party to any such lease or rental agreement, or any successor in interest or title, shall not have any right to redeem the rent, fee or charge reserved or to be paid by any such lessee or tenant, or any successor in interest or title, under the terms of any such lease or rental agreement, except to the extent and in the manner set forth in any such particular lease or rental agreement, if any such right is specifically and definitely granted therein.

Before any land or property is acquired by the municipality as provided in subparagraph (a) hereof the Board of Estimates, in its sole and absolute discretion, shall first determine whether such land or property is needed for or in connection with the industrial and economic growth of the City of Baltimore as contemplated by this paragraph; and prior to the disposition of any such land or property by the City by sale, lease, or otherwise to any legal entity, the Board of Estimates, in its sole and absolute discretion, shall first determine that the land or property to be disposed of will be used for or in connection with industrial and economic development or expansion in Baltimore City as contemplated by this paragraph; and the terms and provisions of any and all agreements either for the acquisition or disposition of any such land or property shall be approved by the Board of Estimates.

(d) Grants and loans.

To petition for, and accept from, the United States of America, or the State of Maryland, or any department or agency thereof, or any other source, any loan, grant or aid of any character and, upon the sole approval of the Board of Estimates, make and execute any contract or other legal instrument with any of said parties, in connection with any and all of the purposes and objects mentioned in or contemplated by the provisions of this paragraph (15A).

(e) Administration.

To vest jurisdiction or authority to exercise or perform all or any part of the aforegoing powers, except those specifically reserved to or to be exercised by the Board of Estimates, in any suitable board, commission, department, bureau or other agency of the Mayor and City Council of Baltimore now in being or in any new board, commission, department, bureau or agency of the Mayor and City Council of Baltimore, which it is hereby empowered to create and establish for such purposes.