1.    For the purpose of aiding in the planning, undertaking, or carrying out of a development or renewal project located within the area in which it is authorized to act, any public body may, upon any terms, with or without consideration, as it may determine:

a.    Dedicate, sell, convey, or lease any of its interest in any property or grant easements, licenses, or other rights or privileges therein to a municipality; b.    Incur the entire expense of any public improvements made by the public body in exercising the powers granted in this section; c.    Do any and all things necessary to aid or cooperate in the planning or carrying out of a development or renewal plan; d.    Lend, grant, or contribute funds to a municipality; e.    Enter into agreements which may extend over any period, notwithstanding any law to the contrary with a municipality or other public body relating to action to be taken pursuant to any of the powers granted by this chapter, including the     furnishing of funds or other assistance in connection with a development or renewal project; and

f.    Cause public buildings and public facilities, including parks, playgrounds, recreational, community, educational, water, sewer or drainage facilities, or any other works which it is otherwise empowered to undertake to be furnished; furnish, dedicate, close, vacate, pave, install, grade, regrade, plan, or replan streets, roads, sidewalks, ways, or other places; plan or replan or zone or rezone any part of the public body or make exceptions from building regulations; and cause administrative and other services to be furnished to the municipality. If at any time title to or possession of any development or renewal project is held by any public body or governmental agency, other than the municipality, which is authorized by law to engage in the undertaking, carrying out, or administration of development or renewal projects, including the federal government, the provisions of the agreements referred to in this section inure to the benefit of and may be enforced by the public body or governmental agency. As used in this subsection, the term “municipality” shall also include an urban renewal agency or a housing authority vested with authority pursuant to section 40-58-15.

2.    Any sale, conveyance, lease, or agreement provided for in this section may be made by a public body without appraisal, public notice, advertisement, or public bidding.

3.    For the purpose of aiding in the planning, undertaking, or carrying out of the authority of an urban renewal agency or a housing authority, a municipality may in addition to its other powers and upon any terms, with or without consideration, as it may determine do and perform any or all of the actions or things which, by the provisions of subsection 1, a public body is authorized to do or perform, including the furnishing of financial and other assistance.

4.    For the purposes of this section, or for the purpose of aiding in the planning, undertaking, or carrying out of a development or renewal project of a municipality, the municipality may in addition to any authority to issue bonds pursuant to section 40-58-10 issue and sell its general obligation bonds. Any bonds issued by a municipality pursuant to this section must be issued in the manner and within the limitations prescribed by the laws of this state for the issuance and authorization of bonds by the municipality for public purposes generally.