(a) There is a Maryland Stadium Authority.
(b) (1) The Authority is a body politic and corporate and is an instrumentality of the State.
(2) The Authority is an independent unit in the Executive Branch of State government.
(3) The exercise by the Authority of its powers under this subtitle is an essential governmental function.
(c) The Authority is a public body under Title 5, Subtitle 4 of this article, the Maryland Industrial Development Financing Authority Act, for purposes of applying for, receiving, and making agreements in connection with:
(1) a loan;
(2) a grant;
(3) insurance; or
(4) any other form of financial assistance.