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 Planning and Zoning Commission is of the opinion that the acquisition of such owner's property will not be necessary to carry out the urban renewal plan if such owner makes his property conform to the urban renewal plan, then in such case the Commission, 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 such agreement. The Commission may require as a condition to entering into such agreement that the owner furnish such security for the performance of his obligations under such agreement as the Commission believes is necessary in order to protect the interests of the City. (Ord. 1966-39. Passed 2-15-66.)