(a) Notwithstanding any other law and subject to Subsection (b), a municipality may annex all or part of the area located in an industrial district designated by the governing body of the municipality under § 42.044 under the procedures prescribed by Subchapter C-1.
(b) A municipality that proposes to annex an area located in an industrial district subject to a contract described by § 42.044(c) may initiate the annexation only:
(1) on or after the date the contract expires, including any period renewing or extending the contract; or
(2) as provided by the contract.