Sec. 7. To implement an approved redevelopment plan, qualified entities may:
(1) acquire by purchase, gift, grant, condemnation, or lease any real estate, interests in real estate, or personal property within the project area or needed for the redevelopment of the project area;
(2) clear or contract for the clearance of all real estate acquired for redevelopment purposes;
(3) repair and maintain existing structures to be included in the redevelopment plan;
(4) erect new structures or make major structural improvements on existing buildings; and
(5) sell, lease, or grant parts of the land acquired for redevelopment purposes to the municipality or other governmental agency for street, boulevard, levee, sewerage, park, playground, school, and other public purposes:
(A) on terms and conditions; and
(B) with or without compensation;
as agreed upon.