(a) Title to be held in its name. An urban renewal authority shall hold in its own name all real property it acquires.
(b) Methods of acquisition. An urban renewal authority may acquire real property or interests in real property by any means, upon terms and conditions, and in a manner the urban renewal authority considers proper: Provided, That an urban renewal authority may not acquire any interest in oil, gas, or minerals which have been severed from the realty.
(c) Acquisitions from municipalities or counties.
(1) An urban renewal authority may acquire real property by purchase contracts, lease purchase agreements, installment sales contracts, and land contracts, and may accept transfers from municipalities or counties upon terms and conditions as agreed to by the urban renewal authority and the municipality or county.