(a) (1) (A) Any urban renewal agency in this state created pursuant to the provisions of §§ 14-169-601 -- 14-169-609, 14-169-702, 14-169-708 -- 14-169-713, and 14-169-801 shall have the power of eminent domain to carry out urban renewal plan objectives.
(B) The procedure to be followed by the urban renewal agency to acquire property by eminent domain shall be that the board of commissioners shall, by resolution, declare that:
(i) The acquisition of certain real property is necessary for urban renewal plan objectives which have been approved by the governing body of the municipal government after a public hearing;
(ii) Negotiations for acquisition have been unsuccessful; and
(iii) Suit is authorized to condemn the property.
(2) An urban renewal agency may exercise the power of eminent domain in the manner prescribed by law for condemnation by railroad corporations in this state as prescribed by §§ 18-15-1202 -- 18-15-1207 and acts amendatory thereof or supplementary thereto; the urban renewal agency may exercise the power of eminent domain in the manner provided by any other applicable statutory provisions for the exercise of the power of eminent domain.
(b) It is the intent of this section to affirm the power of urban renewal agencies to exercise the power of eminent domain to acquire real property to carry out urban renewal plan objectives.
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