In making CLA regulations the Secretary of State must aim to ensure that the overall purpose of community land auction arrangements is to ensure that costs incurred in—
supporting the development of an area, and
achieving any purpose specified under section 143(7), section 144(3) or section 145(3),
can be funded (wholly or partly) by owners or developers of land.
"CLA regulations" means regulations made under this Part by the Secretary of State.
A "community land auction arrangement" means an arrangement provided for in CLA regulations under which—
a local planning authority is to invite anyone who has a freehold or leasehold interest in land in the authority's area to offer to grant a CLA option over the land, with a view to the land being allocated for development in the next local plan for the authority's area,
any CLA option granted under the arrangement ceases to have effect if the land subject to the option is not so allocated when that plan is adopted or approved (unless the option has already been exercised or been withdrawn or otherwise ceased to have effect), and
the local planning authority may—
exercise the CLA option and dispose of the interest in the land to a person who proposes to develop the land,
exercise the CLA option with a view to developing the land itself, or
dispose of the CLA option to a person who proposes to exercise it and then develop the land.
A "CLA option", in relation to land, means an option to acquire a freehold or leasehold interest in the land which—
subject to CLA regulations under paragraph (c), can be—
exercised by the local planning authority in whose area the land is situated, or
disposed of by that authority to any other person, on such terms as the authority considers appropriate,
is granted under a community land auction arrangement, and
meets any requirements imposed by CLA regulations.
CLA regulations under subsection (4)(c) may, in particular, include provision about—
how long a CLA option must be capable of being exercised for;
when, or the circumstances in which, a CLA option may or must be capable of being exercised;
when, or the circumstances in which, a CLA option may or must cease to have effect;
when, or the circumstances in which, a CLA option may or must be withdrawn;
when, the circumstances in which or the terms on which, a CLA option may or must be disposed of;
sums that are to be paid under or in connection with a CLA option (including provision permitting or requiring such sums to be adjusted to reflect changes in the value of money);
the form and content of a CLA option.