§ 119. Acquisition. A municipality may take property by acquisition\npursuant to the provisions of the eminent domain procedure law for a\nredevelopment company, provided the contract or contracts executed\npursuant to section one hundred fourteen contain a requirement that the\ncompany shall pay to the municipality all sums expended or required to\nbe expended by the municipality in the acquisition of such real\nproperty, provision as to the time of payment and manner of securing\npayment thereof, and provisions requiring that the municipality receive,\nbefore proceeding with the acquisition of such real property, such\nassurances as to payment or reimbursement by the redevelopment company,\nor otherwise, as the local legislative body may deem advisable. Upon the\nexecution of such contract or contracts the company shall cause to be\nmade two copies of surveys or maps of the real property described in the\ncontract, one of which shall be filed in the office of the redevelopment\ncompany, one in the office of the corporation counsel or chief law\nofficer of the municipality, and one in the office in which instruments\naffecting real property in the county are recorded. Upon compliance by\nthe redevelopment company with the applicable terms and conditions of\nsuch contract or contracts the municipality shall proceed to acquire\ntitle to the real property in accordance with the provisions of the\neminent domain procedure law and when title to the real property shall\nhave vested in the municipality, it shall convey the same to the\nredevelopment company upon final compliance by the redevelopment company\nwith such terms and conditions. As soon as title shall have vested in\nthe municipality, the redevelopment company may, upon the authorization\nof the mayor, enter upon the real property taken, take over and dispose\nof existing improvements, and carry out the terms of the project with\nrespect thereto.\n Real property in an area, needed or convenient for the project, which\nis to be acquired pursuant to this section, may be acquired by the\nmunicipality for the project, including any property devoted to a public\nuse, whether or not held in trust, notwithstanding that such property\nmay have been previously acquired or is owned by a public utility\ncorporation, it being hereby expressly determined that the public use in\nconformity with the provisions of this article shall be deemed a\nsuperior public use. The local legislative body may consent to the\nacquisition of property owned by the municipality, whether or not such\nproperty be held in trust, or may sell or lease any such property\nnecessary or convenient for a project of a redevelopment company without\npublic bidding, provided notice of such sale or lease is published and a\npublic hearing is held before the local legislative body. The term of\nany such lease shall not be limited by any provision of any general,\nspecial or local law or city charter limiting the period of time during\nwhich a lease or any renewal thereof may run. Real property belonging to\na public utility corporation may not be acquired without the approval of\nthe commission or other officer or tribunal having regulatory power over\nsuch corporation.\n An award of compensation shall not be increased by reason of any\nincrease in the value of the real property caused by the assembly,\nclearance or reconstruction, or proposed assembly, clearance or\nreconstruction for the purposes of this article of the real property in\nan area.\n A local legislative body, upon payment therefor or upon exchange for\nother lands, may convey to any redevelopment company land in any street\nor public place which is duly closed or discontinued pursuant to the\nplan of a project.\n Notwithstanding the provisions of any general, special or local law,\ncharter or ordinance, the local legislative body of a city having a\npopulation of one million or more may, upon the request of or with the\napproval of the board of educ
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