(a) The board of an authority shall, if consistent with the purposes for which the authority was created under Section 378.003:
(1) monitor the proposed closing of the defense base;
(2) manage and operate the defense base transition and development on behalf of the municipality that established the authority;
(3) review options related to the most appropriate use of the defense base;
(4) conduct a study on issues related to the closure, conversion, redevelopment, and future use of the defense base;
(5) formulate, adopt, and implement a plan to convert and redevelop the defense base;
(6) submit the plan to an appropriate agency or agencies of the federal government; and
(7) manage the property used for a base efficiency project.
(b) For the base property and areas adjacent to the base property the board shall:
(1) promote economic development;
(2) attempt to reduce unemployment;
(3) encourage the development of new industry by private businesses; and
(4) encourage financing of projects designated under Section 379B.009.