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Providing for the creation and administration of development corporations to carry out certain public purposes of cities, counties, and certain other political subdivisions relating to the promotion and development of commercial, industrial, manufacturing, medical, and research enterprises to promote and encourage employment, public health, and the public welfare; authorizing such development corporations to acquire certain properties and to lease, sell, or convey said properties and to make loans for the medical, and research enterprises; authorizing such cities, counties, and other political subdivisions to utilize a development corporations to issue bonds with approval of the sponsoring cities, counties, and other political subdivisions in order to carry out certain specified public purposes; requiring compliance with provisions of the Texas Health Planning and Development Act for bonds for medical projects; containing other provisions relating to the subject; containing a severability clause; and declaring an emergency.