§ 14-27. Legislative findings; public and governmental character of high technology development authorities; declaration of public necessity.

(a)

It is declared that a clear need exists in a specific area of the county for improved management of the natural and manmade resources required for the attraction, expansion and continued support and nurture of high-technology-based economic development and the subsequent creation and expansion of employment opportunities for all of the state's citizens through the promotion of high technology business development. To this end, it shall be the purpose of this article to place physical development review responsibilities and other powers specified herein in a specially designated body, and that such body shall have the authority to exercise such powers to more effectively manage the natural and manmade resources to effect the location, expansion and support of high technology business development within the specific geographic area designated by this article.

(b)

It is further declared that the Tennessee Technology Corridor Development Authority created pursuant to this article shall be a public and governmental body acting as an agency and instrumentality of the county; and that the responsibilities, management authority, and other powers designated herein are declared to be for public and governmental purpose and a matter of public necessity. The property and revenues of the Authority or any interest therein shall be exempt from all state, county and municipal taxation.

(Priv. Acts 1983, ch. 148, § 2; Ord. No. O-90-9-114, § 2, 9-10-90)