A County Water Supply Authority which shall find it necessary in storing water in connection with its water supply business, to occupy or flow with water a portion of any street, highway or public road of any township, borough or county in the Commonwealth, so as to require the closing and vacation of the portion of highway rather than the relocation thereof, shall petition the court of quarter sessions of the county in which the street, highway or public road to be closed and vacated is located. The court shall order a hearing and notice thereof. If the court finds that the proposed closing or vacation will be less burdensome and inconvenient than relocation, realignment or a substitute route, having due regard both to the inconvenience to the traveling public, if any, which will result from the proposed closing or vacation and to the cost of any feasible relocation or realignment, the court may order the closing and vacation of the portion of the street, highway or public road.