(a) Except as otherwise provided in subsection (c) of this Code section, a municipality or a downtown development authority shall have the right to acquire, by exercise of the power of eminent domain, any real property which it may deem necessary for its purposes under this chapter after its adoption of a resolution declaring that the acquisition of the real property described therein is necessary for such purposes. A municipality or a downtown development authority may exercise the power of eminent domain in the manner provided in Title 22 or it may exercise the power of eminent domain in the manner provided by any other applicable statutory provisions for the exercise of such power. Property already devoted to a public use may be acquired, provided that no real property belonging to the municipality, a county, the state, or any political subdivision thereof may be acquired without its consent.

(b) Whenever condemnation proceedings are instituted and carried on by a municipality or downtown development authority in accordance with subsection (a) of this Code section or through any other method of condemnation provided by law, upon the payment by the municipality or county seeking condemnation of the amount of the award and final judgment on appeal, the municipality or downtown development authority shall become vested with a fee simple indefeasible title to the property to which the condemnation proceedings relate.

(c) A downtown development authority may not acquire real property through the exercise of the power of eminent domain until the following conditions and requirements have been met:

(1) The proposed rehabilitation of the property must be set forth in a downtown development plan adopted by the municipality and incorporated in any comprehensive plan of the municipality submitted to the Department of Community Affairs pursuant to Chapter 70 of this title;

(2) The governing body of the municipality shall adopt a resolution approving the proposed use of eminent domain power by the downtown development authority;

(3) The downtown development authority shall, in writing, notify the owner of the real property proposed to be acquired of the planned rehabilitation of the property as set forth in the downtown development plan for the downtown development area wherein the property is located;

(4) Within 30 days after being so notified, the owner of the property shall have the option of notifying the downtown development authority, in writing, of his willingness and intention to rehabilitate and maintain the property in accordance with the downtown development plan. In the event of multiple ownership of the property, unanimous agreement by the owners shall be required, and the failure of any one owner to notify the downtown development authority within the time limitations specified in this paragraph of his willingness and intention to rehabilitate and maintain the property in accordance with the downtown development plan shall be deemed to be a failure to exercise the option provided in this paragraph; and (5) The owner of such property may execute an agreement with the downtown development authority to rehabilitate the property in accordance with the downtown development plan. Any such agreement shall be as the downtown development authority deems necessary and appropriate as to form and content. In connection therewith, the downtown development authority shall have the right to require sufficient performance, payment, and completion bonds. In the event that any such owner, at any time, fails to comply with or defaults in the performance of the provisions of the agreement, such property shall no longer be subject to the agreement, the option provided by paragraph (4) of this subsection shall no longer apply, and the property may be acquired by the downtown development authority by purchase or through the exercise of the power of eminent domain. In the alternative, the downtown development authority may either specifically enforce the agreement, exercise any rights under any bonds which may have been required, and obtain any other legal or equitable relief as may be available to the downtown development authority or, if the owner fails to exercise the option to rehabilitate the property or defaults on the agreement to rehabilitate the property, the downtown development authority may implement those portions of the downtown development plan with respect to such property to the extent the authority deems necessary and the costs of implementing such plan shall be a lien against the property enforceable in the same manner as a lien for taxes.