(a) (1) The governing body of Washington County may enter into an agreement with the owner of a technology-related business that is located or locates in Washington County for a negotiated payment by the owner in lieu of taxes on personal property owned by the technology-related business.
(2) An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement:
(i) the owner shall pay to Washington County a specified amount each year in lieu of the payment of Washington County personal property tax; and
(ii) all or a specified part of the personal property of the technology-related business shall be exempt from Washington County personal property tax for the term of the agreement.
(b) As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the personal property of a technology-related business that is located or locates in Washington County is exempt from Washington County personal property tax.