§ 119. Acquisition. A municipality may take property by acquisition pursuant to the provisions of the eminent domain procedure law for a redevelopment company, provided the contract or contracts executed pursuant to section one hundred fourteen contain a requirement that the company shall pay to the municipality all sums expended or required to be expended by the municipality in the acquisition of such real property, provision as to the time of payment and manner of securing payment thereof, and provisions requiring that the municipality receive, before proceeding with the acquisition of such real property, such assurances as to payment or reimbursement by the redevelopment company, or otherwise, as the local legislative body may deem advisable. Upon the execution of such contract or contracts the company shall cause to be made two copies of surveys or maps of the real property described in the contract, one of which shall be filed in the office of the redevelopment company, one in the office of the corporation counsel or chief law officer of the municipality, and one in the office in which instruments affecting real property in the county are recorded. Upon compliance by the redevelopment company with the applicable terms and conditions of such contract or contracts the municipality shall proceed to acquire title to the real property in accordance with the provisions of the eminent domain procedure law and when title to the real property shall have vested in the municipality, it shall convey the same to the redevelopment company upon final compliance by the redevelopment company with such terms and conditions. As soon as title shall have vested in the municipality, the redevelopment company may, upon the authorization of the mayor, enter upon the real property taken, take over and dispose of existing improvements, and carry out the terms of the project with respect thereto.

Real property in an area, needed or convenient for the project, which is to be acquired pursuant to this section, may be acquired by the municipality for the project, including any property devoted to a public use, whether or not held in trust, notwithstanding that such property may have been previously acquired or is owned by a public utility corporation, it being hereby expressly determined that the public use in conformity with the provisions of this article shall be deemed a superior public use. The local legislative body may consent to the acquisition of property owned by the municipality, whether or not such property be held in trust, or may sell or lease any such property necessary or convenient for a project of a redevelopment company without public bidding, provided notice of such sale or lease is published and a public hearing is held before the local legislative body. The term of any such lease shall not be limited by any provision of any general, special or local law or city charter limiting the period of time during which a lease or any renewal thereof may run. Real property belonging to a public utility corporation may not be acquired without the approval of the commission or other officer or tribunal having regulatory power over such corporation.

An award of compensation shall not be increased by reason of any increase in the value of the real property caused by the assembly, clearance or reconstruction, or proposed assembly, clearance or reconstruction for the purposes of this article of the real property in an area.

A local legislative body, upon payment therefor or upon exchange for other lands, may convey to any redevelopment company land in any street or public place which is duly closed or discontinued pursuant to the plan of a project.

Notwithstanding the provisions of any general, special or local law, charter or ordinance, the local legislative body of a city having a population of one million or more may, upon the request of or with the approval of the board of education of such city's school district, grant, sell, lease or otherwise transfer any lands or rights or interests therein or thereto, including fee interests, easements, space rights or air rights or other rights or interests owned by such city and occupied or reserved for school purposes and needed therefor, to a redevelopment company where necessary for the joint development of a project and a school or appurtenant facilities without public bidding, provided notice of such lease or contract for the sale or other transfer of such lands or rights or interests therein or thereto is published and a public hearing is held before such local legislative body. No such sale, lease or transfer of lands or rights therein or thereto is authorized where the development of a project contemplates the erection of housing facilities over an existing school or playground. The terms of any such lease shall not be limited by any provision of any general, special or local law or charter applicable to such city limiting the period of time during which a lease or any renewal thereof may run.

Nothing in this section shall be deemed to forbid or prevent the acquisition of any real or personal property by a redevelopment company by gift, devise, bequest, grant, or subject to the provisions of this article, by purchase at public or private sale.