The political subdivisions of the State in which a development or project is located may vacate any or all streets, alleys, or other public places required to assure proper operation of the development or project and the full and complete utilization of its facilities, and may grant to the Authority the exclusive right to use the vacated streets, alleys, or other public places for the purpose of the development or project, subject to such terms and conditions and in such manner as the political subdivisions and the Authority may lawfully agree upon.