The general assembly finds and declares that:
(1) Eminent domain is an inherent and historic attribute of the sovereign power of government and has been affirmed as such by federal and state courts.
(2) The general assembly has delegated eminent domain powers over the years to an array of entities including, but not limited to, departments, agencies, authorities, corporations, instrumentalities, and political subdivisions of the state;
(3) The functions of government have changed over the years and continue to evolve in manners which affect and can potentially affect the use of eminent domain powers delegated by the general assembly;
(4) Among the broad and more recently evolved powers of government are those pertaining to economic development purposes;
(5) The U.S. Supreme Court in Kelo v. City of New London both affirmed the use of eminent domain powers for economic development purposes, and encouraged states to define and limit the exercise of eminent domain for economic development purposes.