Tenn. Code Ann. § 42-5-109

Except as may be limited by the terms and conditions of any grant, loan or agreement pursuant to § 42-5-119, every municipality may, by sale, lease or otherwise, dispose of any airport, air navigation facility or other property, or portion thereof or interest therein, acquired pursuant to this chapter, subject, however, to any contractual obligations with respect thereto. Disposal by sale, lease or otherwise shall be in accordance with the laws of this state, or provisions of the charter of the municipality, governing the disposition of other property of the municipality, except that in the case of disposal to another municipality or agency of the state or federal government for aeronautical purposes incident thereto, the sale, lease or other disposal may be effected in such manner and upon such terms as the governing body of the municipality may deem in the best interest of the municipality.