Industrial park joint venture or development agreement

(a) An industrial park may be developed under section 171-134 by the department in partnership or under a development agreement with a federal agency, county, or private party subject to a partnership or development agreement executed by the chairperson of the board; provided that if the industrial park is to be developed in partnership or under a development agreement with a private party, the private party shall be selected in accordance with section 103D-302 or 103D-303. At a minimum, the agreement shall provide for: (1) A determination by the board that the partnership agreement or the development agreement is for a public purpose; (2) Long-term assurance that the public land within the industrial park will be utilized for industrial uses; (3) Final approval by the board of the plans and specifications for the industrial park; (4) Exclusive authority by the board to issue leases or master leases within the industrial park; and (5) Conditions to ensure a public benefit from any state funds expended for the industrial park. (b) Notwithstanding any other provision of law to the contrary, a partnership or development agreement entered into pursuant to subsection (a) may provide for: (1) The board to issue master leases within an industrial park by negotiation, without regard to the limitations provided in sections 171-16(c) and 171-59(a), to the entity that developed the industrial park or the nominee or nominees of the entity that developed the industrial park; and (2) A master lease with terms and conditions upon which the master lessee may issue tenant subleases within the industrial park without the consent of the board.