This section applies only to a municipality that has urban renewal authority granted under Article III, § 61 of the Maryland Constitution. Subject to subsection (e) of this section, a municipality may: acquire property of any kind in the municipality, including any right, interest, franchise, easement, or privilege attached to the property, by purchase, lease, gift, condemnation, or any other legal means for development or redevelopment of the property, including comprehensive renovation or rehabilitation; and sell, lease, convey, transfer, or otherwise dispose of any property acquired under item (1) of this subsection, to any person or public or quasi–public entity: whether or not the property has been developed, redeveloped, altered, or improved; and regardless of how the property was acquired. A municipality shall provide just compensation to the owner of any property acquired by the municipality under subsection (b) of this section if the property is taken by eminent domain. The amount of compensation paid to an owner under paragraph (1) of this subsection shall be determined by: an agreement by the parties to the transaction; or a jury award. A municipality shall pay the amount of compensation determined under paragraph (2) of this subsection to the owner before taking the property. Any property needed, or taken by eminent domain, by a municipality for the purposes in subsection (b) of this section or in connection with the exercise of any power of a municipality under this section is considered to be needed or taken for a public use or benefit. Before acquiring a single–family or multifamily dwelling unit or other structure under this section, a municipality shall find that: the dwelling unit or structure has deteriorated to an extent that constitutes a serious and growing menace to the public health, safety, and welfare; the dwelling unit or structure is likely to continue to deteriorate; the continued deterioration of the dwelling unit or structure will contribute to the blighting or deterioration of the area immediately surrounding the dwelling unit or structure; and the owner of the dwelling unit or structure has not corrected the deterioration. The legislative body of a municipality shall adopt an ordinance for each acquisition of property made under this section.