Tennessee Code 7-89-121 – Acquisition and transfer of project sites
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Terms Used In Tennessee Code 7-89-121
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Governing body: means the body in which the general legislative powers of a municipality are vested. See Tennessee Code 7-89-103
- 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
- Municipality: means any county, metropolitan government or incorporated city or town in this state with respect to which an authority may be organized. See Tennessee Code 7-89-103
- Project: means any land, improvement, structure, building or part of a building comprised of facilities for conventions, public assemblies, conferences, trade exhibitions or other business, social, cultural, scientific and public interest events, along with any associated hotel accommodations. See Tennessee Code 7-89-103
Any municipality may acquire a project site by gift, purchase or lease, or exercise of the power of eminent domain, and may transfer any project site to an authority by sale, lease or gift. The transfer may be authorized by a resolution of the governing body of the municipality without submission of the question to the voters, and without regard to the requirements, restrictions, limitations or other provisions contained in any other general, special or local law.