All port districts wherein industrial development districts have been established are authorized and empowered to acquire by purchase or condemnation or both, all lands, property and property rights necessary for the development and improvement of such industrial development district; to exercise the right of eminent domain, subject to the provisions of section 70-1903, [Idaho Code,] in the acquirement or damaging of all lands, property and property rights; to levy and collect assessments upon property and to expend its funds for the payment of all damages and compensation in acquiring such property and/or in carrying out the plan for which said industrial development district has been created; to develop and improve the lands within such industrial development district to make the same suitable and available for industrial uses and purposes; to dredge, bulkhead, fill, grade, and protect such property; to provide for water, light, power and fire protection facilities and services, streets, roads, bridges, highways, waterways, tracks and rail and water improvements; to execute leases of such land or property or any part thereof; and generally to exercise with respect to and within such industrial development districts all the power now or hereafter conferred by law upon port districts.