The purpose of the Board is as prescribed by the Industrial Development Corporation Act of Tennessee as set forth in the State statute. These powers enable the Board to acquire, own, lease, and dispose of properties to promote industry and to develop trade by attracting manufacturing, industrial, and commercial enterprises to Oak Ridge. Bonds can be issued by the Board. On December 12, 1988, Oak Ridge City Council delegated to the Board the authority to sell certain City-owned industrial properties. On October 12, 2010, Oak Ridge City Council approved by Resolution 10-99-10 the 2010 PILOT Reauthorization, which allows the IDB to offer Payment In Lieu of Tax (PILOT) agreements for industrial and commercial projects within prescribed guidelines.