(a) From and after the passage and approval of this section, the Building Authority Division may acquire by eminent domain any real property, including the improvements and fixtures on the property that it may deem necessary to provide a permanent site and show facilities for a state fair and livestock show and for aid to the livestock industry.
(b) The division, upon adoption of a resolution declaring that the acquisition of the property described in the resolution is in the public interest and necessary for public use, may exercise the power of eminent domain:
(1) In the manner provided by §§ 18-15-1202 — 18-15-1207 for taking private property for rights-of-way for railroads;
(2) In the manner provided by §§ 18-15-301 — 18-15-307; or
(3) Pursuant to any other applicable statutory provision for the exercise of the power of eminent domain.