(a)(1) (A) Before a municipality may undertake to borrow funds to develop an industrial park under this part, it must obtain a certificate of public purpose and necessity under title 7, chapter 55, except that § 7-55-106 shall not apply to such certificate for an industrial park. The committee shall investigate, find and determine, upon application of any municipality therefor, as to whether a certificate of public purpose and necessity shall be issued to such municipality to engage in the establishment of an industrial park project under the declared public policy of this part for the economic development and advancement of the municipality, and in considering and determining whether or not such certificate shall issue, the committee shall find and determine affirmatively that:
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(a) (1) (A) Before a municipality may undertake to borrow funds to develop an industrial park under this part, it must obtain a certificate of public purpose and necessity under title 7, chapter 55, except that § 7-55-106 shall not apply to such certificate for an industrial park. The committee shall investigate, find and determine, upon application of any municipality therefor, as to whether a certificate of public purpose and necessity shall be issued to such municipality to engage in the establishment of an industrial park project under the declared public policy of this part for the economic development and advancement of the municipality, and in considering and determining whether or not such certificate shall issue, the committee shall find and determine affirmatively that: (i) The project is well conceived and has a reasonable prospect of success; (ii) There is a good probability that the project will be self-sustaining from the sale and lease of land in the industrial park, utility revenues derived from the provision and sale of utilities in the industrial park, ad valorem and other taxes resulting directly from the development of the industrial park, and other fees and charges for services provided to the industrial park; (iii) The project will tend to provide proper economic development of the municipality, and will encourage industry to locate there; and (iv) There are adequate property values and suitable financial conditions, so that the total bonded indebtedness of the municipality, solely for the purposes authorized by this part and by title 7, chapter 55, shall not exceed ten percent (10%) of the total assessed valuation of all the property in the municipality ascertained by the last completed assessment at the time of the issuance of such bonds. (B) Until December 31, 1992, the requirement for obtaining such certificate of public purpose and necessity shall be waived for an industrial park for which sixty percent (60%) of its funding for the second phase of development was provided by a federal grant received from the economic development administration and which on July 1, 1992, is in the final stages of completing such second phase. (2) When the committee has determined such facts favorably, it is authorized and empowered, having due regard to the promotion of the public policy and the general welfare herein declared, to issue a certificate of public purpose and necessity to the municipality to engage in the project. If and when such certificate is issued, it shall authorize the particular municipality to do all of the things authorized under § 13-16-103 , including the issuance of bonds for the development of the industrial park and the securing of such bonds with income, revenues and proceeds from the sale of property in the municipality, any or all utility revenues of the municipality, any or all tax revenues of the municipality, including ad valorem taxes, and any other revenues, fees, rentals or charges of the municipality, or any of the foregoing as shall be approved by the committee. The certificate shall expire thirty-six (36) months from its date unless, within that time, such industrial park shall have been established; subject, however, to any delays necessitated by any litigation or acts of God; delaying the establishment of the industrial park. The issuance of such certificate of public purpose and necessity may be made contingent on the applicant supplying reasonable and satisfactory maps of the area proposed for development as an industrial park and preliminary development plans, including competent estimates of the cost of site preparation and supplying of projected utilities and services, and the extent to which appropriate private or local government agencies are prepared to supply them. (b) (1) If and when the certificate is issued, the committee therein shall fix and determine: (A) The extent and the amount to which the municipality may issue bonds or make expenditures for such industrial park; (B) What property may be acquired therefor; and (C) The terms upon which such acquisition may be had. (2) If the governing body of the municipality fails or refuses to follow the requirements made by the committee in the certificate, then the members of the governing body of the municipality voting for such failure or refusal shall be individually and personally liable, and liable on their official bonds for any loss that the municipality may sustain by reason of such failure or refusal to follow such requirements, and in addition may be compelled by injunction to comply with such requirements. (c) The committee is hereby authorized and empowered to adopt and put into effect all reasonable rules and regulations that it may deem necessary to carry out the provisions of this part not inconsistent herewith. (d) When used in this section, "industrial park project" or "project" means the acquisition of land, rights, easements and franchises relating thereto and/or the provision of any roads and streets, water and sewer facilities, utilities, docks and terminals, as well as any appurtenant land that may be reasonably necessary for incidental use thereof. This subsection (d) does not limit the authority of the committee to issue a certificate of public purpose and necessity for the purchase and/or development of a site for the location of a single industry. (e) Notwithstanding this section, a municipality with a population not less than three hundred thousand (300,000), according to the 2000 federal census or any subsequent federal census, shall not be required to obtain a certificate of public purpose and necessity in order to borrow funds to develop an industrial park under this part. Any such municipality that makes a total pledge of full faith and credit of the municipality related to an industrial park project shall not exceed ten percent (10%) of the total assessed valuation of all property in the municipality, ascertained by the last completed assessment at the time of issuance of the obligations. In any resolution pledging the full faith and credit and unlimited taxing power of any such municipality to secure any obligations related to the project, the governing body of the municipality shall state that the project being considered is well conceived, has a reasonable prospect for success, will provide proper economic development and employment, and will not likely become a burden on the taxpayers of the municipality. (f) A city or county may exercise the power of eminent domain for development of an industrial park, only with respect to property located within the jurisdictional boundaries of the city or county; or in the case of a city, also with respect to property within an urban growth boundary as defined in § 6-58-101 ; or in the case of a county, also with respect to property within an urban growth boundary or planned growth area as defined in § 6-58-101 . Either a city or town and county, or both, operating a joint industrial park may exercise the power of eminent domain with respect to property located within the jurisdictional boundaries of the county and within an urban growth boundary and a planned growth area. Before a city or county may undertake to exercise the power of eminent domain for development of an industrial park, it must obtain a certificate of public purpose and necessity as provided in subsection (a), even if no funds will be borrowed for the project, except: (1) The requirements of subdivision (a)(1)(A)(iv) are not applicable to a certificate of public purpose and necessity obtained solely for the exercise of eminent domain authority; and (2) A certificate of public purpose and necessity for the exercise of eminent domain, in addition to the applicable findings set forth in subdivision (a)(1)(A), shall be based on a finding that the city or county has been unable, through good faith negotiations, to acquire the property to be acquired by eminent domain or any alternative property that would be of comparable suitability for the project. Good faith negotiations shall be established, if the city or county has made an offer to purchase the property for an amount equal to or in excess of the fair market value, determined by the average of at least two (2) appraisals by independent, qualified appraisers.