(a) To promote a public purpose of the political subdivision, a political subdivision may:
(1) lease property owned by the political subdivision to another political subdivision or an agency of the state or federal government; or
(2) make an agreement to provide office space in property owned by the political subdivision to the other political subdivision or agency.
(b) In acting under Subsection (a), the political subdivision:
(1) shall determine the terms of the lease or agreement so as to promote and maintain the public purpose;
(2) may provide for the lease of the property or provision of the office space at less than fair market value; and
(3) is not required to comply with any competitive purchasing procedure or any notice and publication requirement imposed by this chapter or other law.