Sec. 1. Notwithstanding IC 5-1.2-9-27, or any other law, a project and tangible personal property used exclusively in connection with a project that are:
(1) owned by the authority or a governmental entity and leased, franchised, licensed, or otherwise conveyed to an operator; or
(2) acquired, constructed, or otherwise provided by an operator in connection with a project;
under the terms of a public-private agreement are considered to be public property devoted to an essential public and governmental function and purpose and the property, and an operator's leasehold estate, franchise, license, and other interests in the property, are exempt from all ad valorem property taxes and special assessments levied against property by the state or any political subdivision of the state.