The property owned or held by, and the revenues of, the Redevelopment Authority are exempt from taxation of every kind by the State or by any of its political subdivisions, municipal corporations, or public units. Notwithstanding the provisions of Subsection (a) of this Section, on the request of the Redevelopment Authority the County, by local law, may provide for a negotiated payment in lieu of taxes for property owned or held by the Redevelopment Authority.