Subject to §§ 7–303 through 7–305 of this subtitle, the local governing body of a local jurisdiction may: by local law, establish procedures and requirements for the consideration and execution of agreements; and delegate all or part of the authority established under the local law to a public principal within the jurisdiction of the local governing body. The public principal may: execute agreements for real property located within the jurisdiction of the local governing body with a person having a legal or equitable interest in the real property, including property that is the subject of annexation of land to a municipal corporation; and include a federal, State, or local government or unit as an additional party to the agreement.