§ 120-a. State supervision and regulation. A municipality with a
population of less than one million may, by action of its local
legislative body concurred in by the commissioner, provide for the
supervision and regulation of a project and the redevelopment company
carrying out such project by the commissioner in lieu of the supervising
agency. With respect to any such project and company, the commissioner
shall have, from and after the effective date of such action, all of the
powers and duties of a supervising agency pursuant to this article. The
company shall pay to the commissioner fees, as prescribed by the
commissioner, to cover the expenses of examination, audit, and
supervision of the company and the project.