The general assembly finds and declares that:
(1) Determination and effectuation of the best means for control of the flood waters of the waterways of Tennessee are public purposes essential to the integrated economic development of the areas drained by such streams and waterways and to the future economic welfare of the entire state;
(2) Control of flood waters in the watershed of Mill Creek located in Davidson, Williamson and Rutherford counties by a local development authority will provide information on problems of water control and development; and
(3) Creation of a local development authority is essential to the achievement of these objectives in the watershed of Mill Creek in Davidson, Williamson and Rutherford Counties.