(1) Whenever it is deemed necessary by a research park authority in connection with the exercise of its powers conferred in this chapter to take or acquire any lands, structures, buildings, or other rights, either in fee or as easements, for the purposes set forth in this chapter, the authority may purchase them directly or through its agents from the owners thereof, or failing to agree with the owners, the authority may exercise the power of eminent domain in accordance with the procedures set forth in this chapter, and these purposes are declared to be public uses for which private property may be taken with just compensation.
(2) Should an authority elect to exercise the right of eminent domain, condemnation proceedings shall be maintained by and in the name of the authority, and it may proceed in the manner provided in this chapter and the general laws of the State of Arkansas not in conflict with this chapter that are applicable to the procedure by any county, municipality, accredited institution of higher education, or other authority organized under the laws of the State of Arkansas.