Whenever the municipal governing body shall have determined by resolution that an area within the municipality is appropriate for an urban renewal project, then, regardless of whether or not an urban renewal plan for such area has been approved under the provisions of this article, the municipality or the Urban Renewal Authority within the municipality may acquire real property at any time within such area by means other than the exercise of the power of eminent domain. In order to qualify for financial assistance from the Federal Government in making such acquisition, and regardless of any other provisions of the laws of the State of Oklahoma, the municipal governing body may assume the responsibility to the Federal Government to bear any loss that may arise as a result of such acquisition in the event the property so acquired is not used for urban renewal purposes because an urban renewal plan for the project area is not approved, or is amended to omit any of the acquired property, or is abandoned for any reason. It is further provided that in the event of an advance acquisition of any improved property as herein provided the Urban Renewal Authority or governing body, as the case may be, acquiring the property shall be responsible for and pay any accruing ad valorem taxes becoming due or owing until such time as the property is incorporated in an approved urban renewal plan or converted to another public use. Any property so acquired shall be subject to all other provisions of this article the same as property otherwise acquired, except that in the event the property so acquired is not used for urban renewal purposes because an urban renewal plan for the project area is not approved, or is amended to omit any of the acquired property, or is abandoned for any reason, the property may be disposed of under such reasonable competitive bidding procedures as the municipal governing body shall prescribe, or such property may be converted to any other public use.

Laws 1977, c. 256, § 38-113, eff. July 1, 1978.