Taxes which are assessed on real estate acquired by the Redevelopment Authority of the City of Monessen for the year in which the property is acquired by said Authority shall be paid as follows:
A. 
That portion of the taxes owed by the grantor to the Redevelopment Authority of the City of Monessen, after being prorated in accordance with the customary practice in real estate transactions in Westmoreland County, shall be paid to this taxing Authority by said grantor.
B. 
If the Redevelopment Authority of the City of Monessen has acquired the real estate prior to the first day of January, then said Authority shall not be required to pay the city real estate taxes owing for the following calendar year; provided, however, that said Redevelopment Authority of the City of Monessen shall give written notice to this body of said acquisition prior to the first day of January.
C. 
If the Redevelopment Authority of the City of Monessen acquires real estate subsequent to the first day of January in the year of acquisition, then the Redevelopment Authority of the City of Monessen shall be obligated to pay the unpaid balance of said tax, to be computed from the date of acquisition to the end of the current calendar year.
The Redevelopment Authority of the City of Monessen shall not be obligated to pay any real estate taxes in the calendar years following the year of acquisition, provided that record title to said real estate remains in the name of the Redevelopment Authority of the City of Monessen, and provided further that said Authority applies, in writing to this taxing body, that said real estate be exempt from taxation.