(1) In order to assist and cooperate in the planning, undertaking, construction, or operation of project area development within an area in which the public entity is authorized to act, a public entity may:

1. (a)

   1. (i) provide or cause to be furnished:

      1. (A) parks, playgrounds, or other recreational facilities;
      2. (B) community, educational, water, sewer, or drainage facilities; or
      3. (C) any other works which the public entity is otherwise empowered to undertake;
   2. (ii) provide, furnish, dedicate, close, vacate, pave, install, grade, regrade, plan, or replan streets, roads, roadways, alleys, sidewalks, or other places;

   3. (iii) in any part of the project area:

      1. (A)

         1. (I) plan or replan any property within the project area;
         2. (II) plat or replat any property within the project area;
         3. (III) vacate a plat;
         4. (IV) amend a plat; or
         5. (V) zone or rezone any property within the project area; and
      2. (B) make any legal exceptions from building regulations and ordinances;
   4. (iv) purchase or legally invest in any of the bonds of an agency and exercise all of the rights of any holder of the bonds;
   5. (v) enter into an agreement with another public entity concerning action to be taken pursuant to any of the powers granted in this title;
   6. (vi) do anything necessary to aid or cooperate in the planning or implementation of the project area development;
   7. (vii) in connection with the project area plan, become obligated to the extent authorized and funds have been made available to make required improvements or construct required structures; and
   8. (viii) lend, grant, or contribute funds to an agency for project area development or proposed project area development, including assigning revenue or taxes in support of an agency bond or obligation; and

2. (b) 15 days after posting public notice:

   1. (i) purchase or otherwise acquire property or lease property from the agency; or
   2. (ii) sell, grant, convey, or otherwise dispose of the public entity's property or lease the public entity's property to the agency.