(1) In order to assist and cooperate in the planning, undertaking, construction, or operation of urban renewal, economic development, or community development within the area in which it 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 any and all things necessary to aid or cooperate in the planning or carrying out of the urban renewal, economic development, or community 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 an urban renewal, economic development, or community development project; and

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

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