A municipality may exercise those powers necessary and convenient to carry out the purposes of this chapter, including the power to:

(1) Create districts and define the boundaries;

(2) Prepare project plans, approve the plans, and implement the provisions and purposes of the plans, including the acquisition by purchase or condemnation of real and personal property within the district and the sale, lease, or other disposition of property to private individuals, partnerships, corporations, or other entities at a price less than the cost of the acquisition and of any site improvements undertaken by the municipality pursuant to a project plan;

(3) Issue tax increment financing bonds;

(4) Deposit moneys into the special fund of any district; and

(5) Enter into any contract or agreement, including an agreement with bondholders, determined by the governing body to be necessary or convenient to implement the provisions and effectuate the purposes of a project plan. A contract or agreement may include conditions, restrictions, or covenants that run with the land or otherwise regulate the use of land or that establish a minimum market value for the land and completed improvements to be constructed by a specific date, which date may not be later than the date of termination of the district pursuant to § 11-9-46. Any contract or agreement that provides for the payment of a specific sum of money at a specific future date shall be made pursuant to the provisions of chapter 6-8B.

Source: SL 1978, ch 91, § 6; SL 1983, ch 37, § 6; SL 2011, ch 73, § 2; SL 2018, ch 70, § 8.