If the owner of property in an urban renewal area is willing to make the use of his property conform to the urban renewal plan and the Mayor is of the opinion that the acquisition of such owner's property will not be necessary to carry out the urban renewal plan if the owner makes his property conform to the urban renewal plan, then in such case the Mayor, in lieu of acquiring such property may, on behalf of the City, enter into an agreement with such owner in which the owner agrees to conform his land, the structures thereon and the use thereof to the urban renewal plan within the time set forth in the agreement. The Mayor may require as a condition to enter into such an agreement that the owner furnish such security for the performance of his obligations under the agreement as the Mayor believes is necessary in order to protect the interests of the City.
(Ord. 10-1990. Passed 5-21-90.)