I was doing a little preparation today for a presentation about economic and community development to the Leadership Hickman class next week. I would bet that there are at least ten people in the county who haven’t read what industrial development corporations are. Industrial development corporations were authorized by Title 7, chapter 53 (Industrial Development Corporations) of Tennessee which states:
7-53-102. Legislative intent and findings — Purposes of chapter — Construction.
(a) It is the intent of the general assembly by the passage of this chapter (Chapter 53 – Industrial Development Corporations) to authorize the incorporation in the several municipalities in this state of public corporations to finance, acquire, own, lease, or dispose of properties, to the end that such corporations may be able to maintain and increase employment opportunities, increase the production of agricultural commodities, and increase the quantity of housing available in affected municipalities by promoting industry, trade,commerce, tourism and recreation, agriculture and housing construction by inducing manufacturing, industrial, governmental, educational, financial, service, commercial, recreational and agricultural enterprises to locate in or remain in this state and further the use and production of its agricultural products and natural resources, and to vest such corporations with all powers that may be necessary to enable them to accomplish such purposes.
To assure that directors on the board of an industrial development corporation are active and interested in the economic and business environment of the municipality (county or city), state law mandates that every director shall be a member of “a chamber of commerce, board of trade, or other similar civic organization.”