An agreement for a negotiated payment in lieu of taxes under
this article shall provide that, for the term specified in the agreement:
A. The owner shall pay to the County a specified amount each year in
lieu of the payment of County real, operating real, personal, or operating
personal property tax; and
B. As set forth in an agreement, all or a specified part of the real,
operating real, personal, or operating personal property at the facility
shall be exempt from County property tax for the term of the agreement.
An agreement adopted pursuant to this Article
X shall be binding on and inure to the benefit of successive Boards of County Commissioners.