(a) The legislature finds for all constitutional and statutory purposes that a development project is owned, used, and held for public purposes by the district.
(b) Section 25.07(a), Tax Code, does not apply to a leasehold or other possessory interest granted by the district while the district owns the development project.
(c) The development project is exempt from taxation under Section 11.11, Tax Code, while the district owns the project.