(1) develop, establish, acquire, improve, own, operate, and maintain developments and projects in the State; and

(2) pay the cost of developments or projects, including improvements to any waterways at a development or project, from:

(i) the proceeds of bonds;

(ii) other money available under this subtitle; or

(iii) money from the State or federal government or any of their units or instrumentalities.

(b) Construction of a development may not begin unless a comprehensive study establishes that the construction and operation of the development would be economically and environmentally sound.

(c) Except for the Center, construction of a development may not begin unless:

(1) an analysis of the economic benefits of the proposed development is submitted to the Legislative Policy Committee, in accordance with § 2-1257 of the State Government Article; and

(2) the Legislative Policy Committee is given 45 days after receipt to comment on the proposal.

(d) (1) This subsection does not apply to facilities constructed on land leased or sold by the Authority to a private entity.

(2) Before contracting to construct a facility at a development or project, the Authority shall solicit sealed bids.

(e) (1) All plans and any issue of bonds to finance a development or project require approval by the Board of Public Works by resolution before the bonds are sold.

(2) All leases of real property and plans and contracts for the acquisition conveyance of real property require approval by the Board of Public Works.