Tenn. Code Ann. § 13-16-106

The powers conferred upon municipalities under this part may be exercised by two (2) or more municipalities acting jointly, in which event the governing bodies of the municipalities acting jointly shall provide by contract the manner of development, operation and maintenance of industrial parks, or the powers may be delegated by resolution to a joint commission or board, the composition, terms of office, appointment, and compensation of same to be fixed by agreement of the governing bodies of such municipalities acting jointly. Such powers may also be delegated to an industrial development corporation created under title 7, chapter 53, to a port authority, to a regional megasite authority created under title 64, chapter 6, or to similar bodies available to act as instrumentalities of municipalities as specified in § 13-16-104.