Okla. Stat. tit. 11, § 11-38-113: Acquisition of property other than by means of eminent

domain - Payment of taxes - Excess property.

Whenever the municipal governing body shall have determined by

resolution that an area within the municipality is appropriate for

an urban renewal project, then, regardless of whether or not an

urban renewal plan for such area has been approved under the

provisions of this article, the municipality or the Urban Renewal

Authority within the municipality may acquire real property at any

time within such area by means other than the exercise of the power

of eminent domain. In order to qualify for financial assistance

from the Federal Government in making such acquisition, and

regardless of any other provisions of the laws of the State of

Oklahoma, the municipal governing body may assume the responsibility

to the Federal Government to bear any loss that may arise as a

result of such acquisition in the event the property so acquired is

not used for urban renewal purposes because an urban renewal plan

for the project area is not approved, or is amended to omit any of

the acquired property, or is abandoned for any reason. It is

further provided that in the event of an advance acquisition of any

improved property as herein provided the Urban Renewal Authority or

governing body, as the case may be, acquiring the property shall be

responsible for and pay any accruing ad valorem taxes becoming due

or owing until such time as the property is incorporated in an

approved urban renewal plan or converted to another public use. Any

property so acquired shall be subject to all other provisions of

this article the same as property otherwise acquired, except that in

the event the property so acquired is not used for urban renewal

purposes because an urban renewal plan for the project area is not

approved, or is amended to omit any of the acquired property, or is

abandoned for any reason, the property may be disposed of under such

reasonable competitive bidding procedures as the municipal governing

body shall prescribe, or such property may be converted to any other

public use.