§206M-16  Exemption of development
corporation from taxation and competitive bidding.  (a) All revenues and
receipts derived by the development corporation from any project or industrial
park or under a project agreement or other agreement pertaining thereto shall
be exempt from all state and county taxation.  Any right, title, and interest
of the development corporation in any project or industrial park shall also be
exempt from all state and county taxation.  Except as otherwise provided by
law, the interest of a qualified person or other user of a project or
industrial park under a project agreement or other agreements related to a
project or industrial park shall not be exempt from taxation to a greater
extent than it would be if the costs of the project or industrial park were
directly financed by the qualified person or user.



(b)  The development corporation shall not be
subject to any requirement of law for competitive bidding for project
agreements, construction contracts, lease and sublease agreements, or other
contracts unless a project agreement with respect to a project or industrial
park shall so require. [L 1983, c 152, pt of §2; am L 1989, c 274, §4; am L
2000, c 72, §21]