The district, is created for the following purposes:
(1) Improving the water quality of and beautifying Bayou Vermilion in the parish of Lafayette in an effort to promote the bayou as a recreational and cultural asset.
(2) Creating and controlling a new type of viable economic development adjacent to Bayou Vermilion so as to provide a diversified economic base for the city and parish of Lafayette.
(3) Doing any and all other acts which would enhance the general condition of Bayou Vermilion.