(a) The Cumberland regional business and agribusiness marketing authority is hereby created as a public body corporate and politic, referred to as the “authority” in this part. The authority is a public and governmental body acting as an agent and instrumentality of the counties with respect to which the authority is organized. As such, all property of the authority, both real and personal, is exempt from all local, state and federal taxation.
Terms Used In Tennessee Code 64-10-201
Agribusiness: means a business dealing with agricultural products or engaged in providing products or services to farmers. See Tennessee Code 64-10-202
Authority: means the Cumberland regional business and agribusiness marketing authority. See Tennessee Code 64-10-202
Region: means the area consisting of the counties of Anderson, Campbell, Cumberland, Fentress, Loudon, Morgan, Roane, Scott and any other county in the eastern grand division that becomes a member of the authority in accordance with §. See Tennessee Code 64-10-202
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) The acquisition, operating and financing of the authority and related purposes are hereby declared to be for public and governmental purposes and a matter of public necessity to further the economy and growth of the business and agricultural industry of the region.(c) The purposes of the Cumberland regional business and agribusiness marketing authority are to:
(1) Create a business support process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services;(2) Have the authority to establish and operate a market for agricultural products of the region through a food distribution center, to provide farmers of the region with a ready market for agricultural products, and to provide the citizens of the region and other buyers a convenient place to purchase these products; and(3) Further the economy and growth of the region served by the authority by planning, acquiring, constructing, improving, extending, furnishing, equipping, financing, owning, operating and maintaining support for small business incubators for the region through the establishment of a pilot program for such purposes.
