§ 114. Procedure for submission and approval of plan or project. Every plan or plan of a project proposed by a redevelopment company shall contain a general description of the area to be redeveloped and a statement of the plan of redevelopment with such detail of information with reference thereto as may be necessary to a general understanding thereof. Where changes in the city map and zoning amendments or variances are necessitated by such plan or project, such amendments, variances and changes shall be submitted together with the plan or project herein and considered as part thereof.

After preliminary approval thereof by the supervising agency as to conformity with the provisions and purposes of this article, every such plan or plan of a project shall be submitted to the planning commission for approval of the plan or plan of the project relating to:

1. Height and bulk of structures, density of population and percentage of land coverage by structures as to their conformity with the purposes of this article and with the master plan, if any; and the relationship of the density of population contemplated by the plan or plan of the project to the distribution of the population of the municipality in other areas or parts thereof, and

2. Provision, if any, for business or commercial facilities appurtenant to the plan or project, relationship to existing and planned public facilities, adequacy and planned rearrangement of street facilities and provisions for light, air, cultural and recreational facilities as to their conformity with the purposes of this article and their adequacy for accommodation of the density of population contemplated by the plan or plan of the project.

Where a project consists substantially of the rehabilitation of an existing structure or structures, and no changes in the city map and zoning amendments or variances are necessitated by the project, the supervising agency may waive the preparation and submission of the plan or plan of a project.

Where a plan or plan of a project has been prepared and submitted, the planning commission, after public hearing, notice of which shall be published at least ten days prior thereto in the official publication of the municipality, or if none exists, in a newspaper circulating in the municipality, on the plan or plan of a project, may:

a. Issue an unqualified certificate of approval thereof, or

b. Issue a certificate of conditional or qualified approval thereof, with or without recommendations, or

c. Disapprove thereof.

After action thereon by the planning commission, such plan or plan of a project with a proposed form of contract between the municipality and the redevelopment company or, when all stock, debentures and mortgage bonds of the company are owned or are to be owned by one or more insurance companies, between the municipality, redevelopment company and such insurance company or companies shall be submitted by the redevelopment company, with a certificate of approval of the supervising agency and the certificate or a statement of action, if any, on the plan or project by the planning commission, to the local legislative body for its approval of the project as to conformity with the provisions and purposes of this article, the extent of the tax exemption to be granted pursuant to section one hundred twenty-five, the amount and nature of the property to be condemned for the redevelopment company by the municipality and the terms and conditions of payment therefor by the redevelopment company, the amount of publicly owned land or facilities to be sold to the redevelopment company or exchanged for redevelopment company-owned lands and the availability of other suitable dwelling accommodations for families living in the area or part thereof to be affected by the plan or plan of the project.

As part of an approved project the local legislative body may require a redevelopment company to dedicate to the municipality or any agency thereof in the manner provided by law specified portions of the land in a project for parks, streets, public recreational and other public purposes.

The contract shall regulate the rents to be charged for rooms in the project and may contain such other provisions, not inconsistent with this article, as may be deemed necessary or desirable for the financing, construction, operation and supervision of the project.

In any case where a plan or plan of a project has been prepared and submitted and the planning commission shall have issued a certificate of unqualified approval, or where preparation and submission of a plan or plan of a project has been waived by the supervising agency in accordance with the provisions of this section, approval of the project by the local legislative body may be by resolution adopted by a majority of the whole number of votes authorized to be cast by all of the members thereof. In any case where a plan or plan of a project has been prepared and submitted and the planning commission shall not have issued a certificate of unqualified approval, the plan or plan of a project may nevertheless be approved by the local legislative body, after public hearings thereon, by resolution adopted by a three-fourths vote of the whole number of votes authorized to be cast by all of the members thereof. Notwithstanding any other provision of law, changes in the city map, zoning amendments, or variances contained in the plan shall be deemed approved by the local legislative body when it approves the plan or project. Any such changes in the city map, zoning amendments, or variances shall become effective on the date on which the supervising agency shall file a resolution with the local legislative body in implementation thereof. The local legislative body is authorized to enter into the necessary contract or contracts on behalf of the municipality.

If the contract parties are a municipality, a redevelopment company and one or more insurance companies which own or will own all of the stock, debentures, bonds and mortgage indebtedness of such redevelopment company, or if the project is undertaken by an insurance company, then the certificate of the supervising agency approving such contract shall terminate the functions of the supervising agency pursuant to this article, and after the execution of such contract all references herein to the approval or other action by the supervising agency shall be inapplicable to the project provided for in such contract and to such redevelopment company or the insurance company undertaking such project.