Subject to the conditions of this part, any municipality has the power to:

(1) Acquire land and rights and easements therein by gift, purchase, or eminent domain, and develop the land into industrial parks within or without the municipality or partially within and partially without the municipality, and maintain and operate such industrial parks; provided, that the power of eminent domain shall be exercised only for public use, as defined in § 29-17-102, and shall not be extended to or exercised with respect to property owned or held by a corporation which is subject to regulation by the Tennessee public utility commission, the department of safety, and/or the department of transportation, and which itself possesses the power of eminent domain, except and unless:

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Terms Used In Tennessee Code 13-16-103

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(A) No other property is reasonably available for the contemplated use;
(B) The property to be taken is not reasonably necessary to the operation of the corporation owning or holding it; and
(C) The taking will not interfere or be inconsistent with any public use for which the property is used or held;
(2) Issue its bonds to finance in whole or in part the cost of such industrial parks, and pledge its full faith and credit and/or fees, rents, tolls or other charges for the use of or in connection with any industrial building or any public works project as provided in the Industrial Building Bond Act of 1955, compiled in title 7, chapter 55, or the Local Government Public Obligations Act of 1986, compiled in title 9, chapter 21;
(3) Sell or lease plots of land and charge and collect fees for services made available within such industrial parks, subject to and in accordance with any agreement which may be made with bondholders; provided, except as set forth in § 13-16-107(a), that prices, rentals and fees shall be fixed and revised from time to time so as to produce, as nearly as possible, sufficient funds to provide for the prompt payment of principal and interest upon all bonds when due, and provide for the operation and maintenance of such parks and adequate depreciation accounts in connection therewith;
(4) Pledge to the punctual payment of the bonds authorized for such purposes and interest thereon the income, revenues and proceeds from sales to be received from such industrial parks;
(5) Accept grants and the cooperation of the state of Tennessee upon such conditions as may be provided by law;
(6) Accept grants and the cooperation of the United States or any agency thereof in the development, maintenance, operation and financing of industrial parks and do any and all things necessary in order to avail itself of such aid and cooperation; and
(7) Exercise all powers with respect to industrial parks that municipalities may exercise with respect to industrial buildings under the Industrial Building Bond Act of 1955, and the Industrial Development Corporations Act of 1955, compiled in title 7, chapter 53.
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