Authorizing the Town of Cottage City, Prince George's County, to undertake and carry out urban renewal projects for slum clearance and redevelopment; prohibiting any land or property from being taken under the Act without just compensation being first paid to the party entitled to the compensation; declaring that all land or property taken under the Act is needed for public uses or purposes; permitting the powers granted by the Act to be exercised by a municipal agency with specified powers; etc.