(a) The legislature finds for all constitutional and statutory purposes that a development project is owned, used, and held for public purposes by the district.
(b) § 25.07(a), Tax Code, does not apply to a leasehold or other possessory interest granted by the district while the district owns the development project.

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(c) The development project is exempt from taxation under § 11.11, Tax Code, while the district owns the project.