The property of an authority is exempt from all local and municipal taxes. An authority shall pay to the city a sum fixed annually by the city. A city may: (1) Fix a sum to be paid to it annually by an authority in respect of each project; or (2) Agree that an authority not pay or be liable to pay any sum whatsoever in respect of a project or projects for any year or years; or (3) Agree with an authority or government upon the sum to be paid by the authority for any year or years in respect of a project or projects, or accept or agree to accept a fixed sum or other consideration in lieu of the payment.
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