(a) With regard to industrial development authority-owned facilities used for commercial and industrial purposes, before entering into a new lease of existing facilities or into a lease of new facilities, in whole or in part, or before operating facilities for these purposes, in whole or in part, an industrial development authority shall first publicly solicit proposals for the leasing or operation of the facilities for these purposes on such terms as shall be customary and usual in the commercial industry.
(b) An industrial development authority shall accept a proposal under subsection (a) of this section that is commercially reasonable and in the industrial development authority's best interest.