Whenever it is necessary to straighten or alter any street to facilitate traffic, the governing body may:
A. with the consent of the owner, exchange the land on which the street lies for any land owned and held in fee simple;
B. convert the land received from the owner in fee simple to a street; and
C. execute a deed to the land on which the street lies to the owner who has exchanged his land with the municipality for the land on which the street lies.