Modification of development plan. Abandonment of plan and conveyance of property. Limitations.

(b) If after three years from the date of approval of the development plan the development agency has been unable to transfer by sale or lease at fair market value or fair rental value, as the case may be, the whole or any part of the real property acquired in the project area to any person in accordance with the project plan, and no grant has been made for such project pursuant to section 8-195 , the municipality may, by vote of its legislative body, abandon the project plan and such real property may be conveyed free of any restriction, obligation or procedure imposed by the plan but shall be subject to all other local and state laws, ordinances or regulations, including, but not limited to, any offer of sale required under subsection (c) of section 8-193 . Subsec. (a) does not provide a basis of aggrievement to contract purchasers who have not yet completed purchase; “purchasers” means only those parties who actually have purchased specific property in the area subject to the proposed plan modification. 150 CA 279.