§206M-16  Exemption of developmentcorporation from taxation and competitive bidding.  (a) All revenues andreceipts derived by the development corporation from any project or industrialpark or under a project agreement or other agreement pertaining thereto shallbe exempt from all state and county taxation.  Any right, title, and interestof the development corporation in any project or industrial park shall also beexempt from all state and county taxation.  Except as otherwise provided bylaw, the interest of a qualified person or other user of a project orindustrial park under a project agreement or other agreements related to aproject or industrial park shall not be exempt from taxation to a greaterextent than it would be if the costs of the project or industrial park weredirectly financed by the qualified person or user.

(b)  The development corporation shall not besubject to any requirement of law for competitive bidding for projectagreements, construction contracts, lease and sublease agreements, or othercontracts unless a project agreement with respect to a project or industrialpark shall so require. [L 1983, c 152, pt of §2; am L 1989, c 274, §4; am L2000, c 72, §21]