Section 501. Authority to acquire and improve property.
Consistent with the existing authority or limitations of public transportation agencies to condemn and acquire land for public transportation purposes, such entities are hereby authorized to acquire and improve property located within a designated TRID for real estate development purposes provided such acquisition and improvement:
(1) Is consistent with any pertinent municipal comprehensive plan and TRID planning study.
(2) Is coordinated with pertinent county and local jurisdictions and redevelopment or other special purpose authorities.
(3) Furthers the stated purposes of this act.
(4) Does not exceed the minimum land area necessary to accomplish the needs specified in the TRID planning study and the development agreement.