In addition to any other powers conferred by law, each municipality and county in the state shall have and may exercise any powers necessary and convenient to carry out the purposes of this chapter, including the power to:
(1) Create tax increment districts and to define the boundaries thereof;
(2) Cause project plans to be prepared, to approve plans, and to implement the provisions and effectuate the purposes of project plans;
(3) Issue tax increment obligations;
(4) Deposit moneys into the tax increment fund for any tax increment district; and
(5) Enter into any covenants, contracts, or agreements, including conditions, restrictions, or covenants which either run with the land or otherwise regulate the use of the land and any covenants, contracts, and agreements with or for the benefit of holders of tax increment obligations, determined by the local governing body to be necessary or convenient to implement the provisions and effectuate the purposes of project plans.