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The authority's power of eminent domain may be exercised under title 29, chapter 16 or pursuant to any other applicable statutory provisions, now in force or hereafter enacted, for the exercise of the power of eminent domain.
At any time on or after the filing of a petition for condemnation of property and before the entry of final judgment, the authority may file with the clerk of the court in which the petition is filed a declaration of taking signed by the duly authorized officer or agent of the authority declaring that all or part of the property described in the petition is being taken for the use of the authority. The declaration of taking shall be sufficient if it sets forth:
A description of the property, sufficient for the identification thereof, to which there may be attached a plat or map thereof;
A statement of the estate or interest in property being taken; and
A statement of the sum of money estimated by the authority to be just compensation for the property taken.
At any time prior to the vesting of title to property in the authority, the authority may withdraw or dismiss its petition with respect to any and all of the property described in the petition.
From the filing of the declaration of taking and the deposit in court to the use of the persons entitled thereto of the amount of the estimated compensation stated in the declaration, title to the property described as being taken by the declaration shall vest in the authority, free from the right, title, interest or lien of all parties to the cause. The property shall be deemed to be condemned and taken for the use of the authority, and the right to just compensation for the same shall vest in the persons entitled thereto. Upon the filing of the declaration of taking, the court shall designate a day, not exceeding twenty (20) days after such filing except upon good cause shown, on which the persons in possession shall be required to surrender possession to the authority.
The ultimate amount of compensation shall be determined pursuant to title 29, chapter 16. If the amount so fixed exceeds the amount so deposited in the court by the authority or otherwise paid to the persons entitled to compensation, the court shall enter judgment against the authority in the amount of such deficiency, together with interest at the legal rate on such deficiency from the date of the vesting of title to the date of entry of the final judgment, subject, however, to abatement for use, income, rents or profits derived from such property by the owner thereof subsequent to the vesting of title in the authority; and the court shall order the authority to deposit the amount of such deficiency in court. Upon the application of the parties in interest, the court may order that the money deposited in the court, or any part thereof, be paid forthwith for or on account of just compensation to be awarded in the proceedings. Interest shall not be allowed on so much of the just compensation as has been paid into court with the declaration of taking. In case the amount deposited in court by the authority as the estimated compensation for the property exceeds the amount of the final award or judgment, such excess shall be returned to the authority.
As an alternative to the procedure provided in subsections (a)-(d), the authority may file in the court where condemnation proceedings of the authority are pending, an application for a writ of possession, which the court shall, upon the authority's posting a bond with the clerk of the court in such amount as the court may deem commensurate with the value of the property condemned, order that a writ of possession issue immediately or as soon and upon such terms as the court, in its discretion, may deem proper and just.