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and effectuate the purposes and provisions of this law, including the following powers in
<br />addition to others herein granted:
<br />(1) To sue and to be sued; to have a seal and to alter the same at pleasure; to have perpetual
<br />succession; to make and execute contracts and other instruments necessary or convenient to the
<br />exercise of the powers of the authority; and to make and from time to time amend and repeal
<br />bylaws, rules and regulations, not inconsistent with this law, to carry out the provisions of this
<br />law;
<br />(2) To prepare or cause to be prepared and recommend redevelopment plans and urban renewal
<br />plans to the governing body of the community or communities within its area of operation and to
<br />undertake and carry out land clearance projects and urban renewal projects within its area of
<br />operation;
<br />(3) To arrange or contract for the furnishing or repair, by any person or agency, public or private,
<br />of services, privileges, works, streets, roads, public utilities or other facilities for or in connection
<br />with a land clearance project or urban renewal project; and notwithstanding anything to the
<br />contrary contained in this law or any other provision of law, to agree to any conditions that it
<br />may deem reasonable and appropriate attached to federal financial assistance and imposed
<br />pursuant to federal law relating to the determination of prevailing salaries or wages or
<br />compliance with labor standards, in the undertaking or carrying out of a land clearance project or
<br />urban renewal project, and to include in any contract let in connection with such a project
<br />provisions to fulfill such of the conditions as it may deem reasonable and appropriate;
<br />(4) Within its area of operation, to purchase, lease, obtain options upon, acquire by gift, grant,
<br />bequest, devise, eminent domain or otherwise, any real or personal property or any interest
<br />therein, including fee simple absolute title, together with any improvements thereon, necessary
<br />or incidental to a land clearance project or urban renewal project; to hold, improve, clear or
<br />prepare for redevelopment or urban renewal any such property; to develop, construct,
<br />reconstruct, rehabilitate, repair or improve residences, houses, buildings, structures and other
<br />facilities; to sell, lease, exchange, transfer, assign, subdivide, retain for its own use, mortgage,
<br />pledge, hypothecate or otherwise encumber or dispose of any real or personal property or any
<br />interest therein; to enter into contracts with redevelopers of property and with other public
<br />agencies containing covenants, restrictions and conditions regarding the use of such property for
<br />residential, commercial, industrial, recreational purposes or for public purposes in accordance
<br />with the redevelopment or urban renewal plan and such other covenants, restrictions and
<br />conditions as the authority may deem necessary to prevent a recurrence of blighted or insanitary
<br />areas or to effectuate the purposes of this law; to make any of the covenants, restrictions, or
<br />conditions of the foregoing contracts covenants running with the land, and to provide appropriate
<br />remedies for any breach of any such covenants, or conditions, including the right in the authority
<br />to terminate such contracts and any interest in the property created pursuant thereto; to borrow
<br />money and issue bonds and provide security for loans or bonds; to insure or provide for the
<br />insurance of any real or personal property or operations of the authority against any risks or
<br />hazards, including the power to pay premiums on any such insurance; and to enter into any
<br />contracts necessary to effectuate the purposes of this law; provided, however, that no statutory
<br />provision with respect to the acquisition, clearance or disposition of property by other public
<br />
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