A. Notwithstanding section 11-256, the board may lease or sublease any land or building owned by or under the control of the county to this state, a county fair association that qualifies to conduct a racing meeting under section 5-111, subsection D or to receive county monies as provided in section 11-258, a nonprofit corporation, other than a municipal or public finance corporation, organized pursuant to title 10, chapters 24 through 40, an incorporated city or town, a school district or any other political subdivision of this state without holding a public auction and for less than the fair rental value. The board may specify the uses to which the land or building must be devoted and any terms and conditions for the use that the board determines are in the best interests of the county.

B. Notice of the proposed lease or sublease shall be given by publication once each week for four consecutive weeks in a newspaper of general circulation in the county. The notice shall state all material conditions of the proposed lease, including, if appropriate, the uses to which the land or building must be devoted and any terms and conditions for the use that the board establishes.

C. If a bid is offered by a person other than the state, a county fair association, a nonprofit corporation, other than a municipal or public finance corporation, or a political subdivision during the notice period, and the bid equals or exceeds the fair rental value of the land or building, the board shall not enter the proposed lease with the state, the county fair association, the nonprofit corporation or the political subdivision and shall offer the land or building for lease in accordance with section 11-256.