Tenn. Code Ann. § 13-16-104: Control of industrial parks

(a) The governing body of any municipality may exercise direct control in the development, operation and maintenance of any industrial park, or may delegate by ordinance or resolution any or all powers to a commission or board, the composition, terms of office, appointment, and compensation to be determined by the governing body in such ordinance or resolution.

(b) Such powers may be delegated to an industrial development corporation created under title 7, chapter 53, to any existing port authority, to a regional megasite authority created under title 64, chapter 6 or to similar bodies available to act as an instrumentality of the municipality.