Industrial Development Authorities may acquire, enlarge, improve, replace, own, lease, and dispose of properties to the end that such authorities may be able to promote industry, develop trade, and further the use of the agricultural products and natural and human resources of this state and the development and preservation of the said resources, by inducing manufacturing, industrial, commercial, and research enterprises to locate in this State or to enlarge, expand and improve existing operations in this State. The Industrial Development Authority is authorized to sell or lease property to industrial tenants to promote industrial expansion for economic growth and employment. The IDA may issue bonds for the purpose of carrying out any of its powers.

The Industrial Development Authority meets as needed.