Contracting parties may enter into binding agreements pursuant to the contract creating a joint economic development zone that is subject to division (I)(2) of section 715.691 of the Revised Code with respect to the substance and administration of zoning and other land-use regulations, building codes, permanent public improvements, and other regulatory and proprietary matters determined to be for a public purpose. No contract, however, shall exempt the territory within the zone from the procedures of land use regulation applicable pursuant to municipal corporation, township, and county regulations, including, but not limited to, zoning procedures.