(1) The special improvement district created in this chapter shall have the power to acquire and hold real and personal property and may receive gifts, donations, and bonuses for the purpose of carrying out the object and purpose of the chapter.
(2) The district shall have power to acquire such real estate as may be necessary for the reestablishment and expansion of the college or university, and the commission is clothed with authority to contract for the necessary land for the improvement and to pledge so much of the revenues of the district as may be necessary to pay for the improvement.
(3) The district herein created may construct, operate, and maintain the improvement on the lands of private individuals or corporations, provided that, just damages shall be paid to the private owners of land taken or used for the improvement.