(a) The commission by rule may authorize a racetrack association, as lessee, to contract for the lease of a racetrack and the surrounding structures.
(b) The commission may not approve a lease if:
(1) the lease appears to be a subterfuge to evade compliance with Section 2025.101 or 2025.201;
(2) the racetrack and surrounding structures do not conform to the rules adopted under this subtitle; or
(3) the lessee, prospective lessee, or lessor is disqualified from holding a racetrack license.
(c) Each lessor and lessee under this section must comply with the disclosure requirements of Section 2025.052(a)(1). The commission may not approve a lease if the lessor and lessee do not provide the required information.