§ 15-9-209 — Additional powers of authority; sale or letting of property at fair value

(a) In addition to the other powers granted by this
article, the authority shall have all powers, except as limited
in the ordinance or any amendments thereto establishing the
authority, necessary to carry out and effectuate the purposes
and provisions of this article, including but not limited to the
following powers:
(i) To acquire by purchase, lease, license, option,
gift, grant, devise or otherwise any property or any interest
therein;
(ii) In connection with public facilities, to improve
land and to construct, reconstruct, equip, improve, maintain,
repair and operate buildings and other improvements, whether on
land of the authority or otherwise;
(iii) To lease or sublease as lessor any property
owned or leased by it or under its control on such terms and
conditions as may be established by the board for residential,
recreational, commercial, industrial or other uses or for public
use in accordance with the plan of development;
(iv) To sell or otherwise dispose of property of the
authority or any interest therein, subject to such covenants,
conditions and restrictions as it deems necessary or desirable
to carry out the purposes and objectives of the authority, for
residential, recreational, commercial, industrial or other uses
or for public use in accordance with the plan of development;
(v) To fix, charge and collect fees, rates, tolls,
rents and charges for the use of any property of the authority
or any property under its control and to pledge any such
revenues in support of any obligations of the authority;
(vi) To cooperate with the municipality in which the
authority is located and any other governmental agency or public
body and to enter into contracts with any such agency or body;
(vii) To make to or receive from the municipality or
the county in which the authority is located conveyances,
leasehold interests, grants, contributions, loans and any other
rights and privileges;
(viii) To invest any funds of the authority not
required for immediate disbursement in property or securities in
which public bodies may invest funds, and to redeem any bonds
issued by the municipality at the redemption price established
therein or to purchase such bonds at less than the redemption
price, all bonds so redeemed or purchased to be cancelled;
(ix) To deposit any funds not required for immediate
disbursement in any depository authorized by law to receive and
hold public funds. For the purpose of making such deposits, the
board may appoint, by written resolution, one (1) or more
persons to act as custodians of the funds of the authority. Such
persons shall give surety bonds in such amounts and form and for
such purposes as the board requires;
(x) To demolish and remove buildings and improvements
located on, and to install, construct or reconstruct
improvements and facilities, including public facilities, on any
land owned by the authority or the municipality in preparation
for conveyance to purchasers or lessees, or otherwise.
(b) Any sale or letting of property by the authority shall
be at not less than its fair value (as determined by the
authority and the governing body) for uses in accordance with
the plan of development. In determining the fair value of real
property for such uses, an authority shall consider the uses
provided in the development plan; the restrictions upon and the
covenants, conditions and obligations assumed by the purchaser
or lessee; and the objectives of the development plan.