The corporation is authorized and established for the following purposes:

(a)  To develop, manage, and convey “Federal land” as defined in § 42-64-3(9) on behalf of the state, consistent with base reuse plans and plans duly adopted and/or ratified as provided for in this chapter.

(b)  To undertake projects as defined in § 42-64-3(20); provided, however, that the corporation shall not have the power to issue bonds or notes or exercise eminent domain, provided further that nothing herein shall be deemed to limit or otherwise restrict or diminish the powers of the economic development corporation, in accordance with chapter 64 of this title, to issue bonds on behalf of the corporation or for a project of the corporation or to exercise eminent domain on behalf of the corporation or in conjunction with a project of the corporation.

(c)  To establish, implement, and maintain high standards for design, improvement, operation, and use of property under its control in order to provide sites and related amenities for high quality businesses that create high value added jobs in Rhode Island.

(d)  To foster and maintain effective working relations with its host and surrounding communities.

(e)  To establish a professional capacity for the state to develop, manage, and market state lands for commercial purposes and to act as a subsidiary of the economic development corporation for this purpose.