(a) In this section, “industrial district” has the meaning customarily given to the term but also includes any area in which tourist-related businesses and facilities are located.
(b) The governing body of a municipality may designate any part of its extraterritorial jurisdiction as an industrial district and may treat the designated area in a manner considered by the governing body to be in the best interests of the municipality.

(c) The governing body may make written contracts with owners of land in the industrial district:
(1) to guarantee the continuation of the extraterritorial status of the district and its immunity from annexation by the municipality for a period not to exceed 15 years; and
(2) with other lawful terms and considerations that the parties agree to be reasonable, appropriate, and not unduly restrictive of business activities.
(d) The parties to a contract may renew or extend it for successive periods not to exceed 15 years each. In the event any owner of land in an industrial district is offered an opportunity to renew or extend a contract, then all owners of land in that industrial district must be offered an opportunity to renew or extend a contract subject to the provisions of Subsection (c).
(e) A municipality may provide for adequate fire-fighting services in the industrial district by:
(1) directly furnishing fire-fighting services that are to be paid for by the property owners of the district;
(2) contracting for fire-fighting services, whether or not all or a part of the services are to be paid for by the property owners of the district; or
(3) contracting with the property owners of the district to have them provide for their own fire-fighting services.
(f) A property owner who provides for his own fire-fighting services under this section may not be required to pay any part of the cost of the fire-fighting services provided by the municipality to other property owners in the district.