The board of supervisors of any county that is a member of a regional economic development alliance created under the Regional Economic Development Act may exercise the power of eminent domain for the purpose of acquiring land, property and/or rights-of-way for a project as defined in Section 57-75-5(f)(i) or any facility related to the project as defined in Section 57-75-5(d), or both. The board of supervisors of such a county shall not exercise the authority granted under this section without first receiving a binding commitment providing that such a project will be located in a county that is a member of the regional economic development alliance. The board of supervisors of such a county shall not exercise the power of eminent domain under this section after July 1, 2006.