(a) If an urban renewal project or an act of the General Assembly that provides for an urban renewal program requires or results in the abandonment, relocation, realignment, raising, lowering, rebuilding, or removal of any water or sanitary sewer facility of the Commission, the urban renewal authority shall pay to the Commission the entire cost less any salvage value from the old facility.

(b) An urban renewal authority may not allow any Commission structure to be removed, abandoned, or damaged in connection with an urban renewal project until:

(1) the urban renewal authority has paid the Commission; or

(2) payment to the Commission has been assured to the Commission’s satisfaction, in accordance with this subtitle.

(c) If an urban renewal project requires the construction of a new water or sanitary sewer facility by the Commission, the Commission may:

(1) construct the facility if:

(i) the costs of the construction will be repaid through existing provisions for special assessments, including front foot benefit charges; or

(ii) the payment is made or assured by the urban renewal authority; and

(2) enter into agreements with an urban renewal authority providing for payment to the Commission over a period of time, with the terms of the contract and rate of interest determined by the Commission.