The district shall have the power to do any of the following:
(1) Sue and be sued in its own name.
(2) Plan, acquire, own, construct, operate, and maintain an enclosed and covered stadium for use as coliseums, sports arenas, sports pavilions, exposition sites, field houses, or other buildings or structures for holding sports events, athletic contests, contests of skill, exhibitions, spectacles, and other public meetings, and pertinent indoor and outdoor recreational facilities, recreation centers, playing fields, courts, gymnasiums, club houses, parking facilities and areas, other suitable concessions appertaining thereto, related buildings, and all facilities and properties incidental and necessary to a complex suitable for any or all types of sports and recreation, on, above, and below the ground, appurtenances, incidentals, and all types of property therefor, real or personal, or both real and personal, including servitudes and rights-of-way, or any combination.
(3) Acquire by purchase or lease the land and any other property that may be necessary and appropriate to the execution of the purposes of the district.
(4) Enter into contracts for the use of the facilities or any portion of the facilities pursuant to subdivision (2), with any person or corporation, public or private, with the State of Alabama or any of its various agencies, or with any political subdivision of the state or with any combination thereof, for events or programs or series of events or programs, including, but not by way of limitation, series of football or other athletic games, or events, extending over such term deemed appropriate by the district.
(5) Execute leases to the state, its agencies, or subdivisions for a term not exceeding 40 years at a fixed rental, or for a term not exceeding 99 years provided the latter leases shall contain a clause or clauses for readjustment of the rentals upon the expiration of a primary term of 40 years.
(6) Erect and construct improvements.
(7) Collect admissions, tolls, rentals, and any and all other charges and fees.
(8) Collect fees, rentals, and other charges for the use of the facilities of the district.
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