The governing body of Washington County may enter into an agreement with the owner of a technology–related business that is located or locates in Washington County for a negotiated payment by the owner in lieu of taxes on personal property owned by the technology–related business. An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement: the owner shall pay to Washington County a specified amount each year in lieu of the payment of Washington County personal property tax; and all or a specified part of the personal property of the technology–related business shall be exempt from Washington County personal property tax for the term of the agreement. As specified in an agreement for a negotiated payment in lieu of taxes under this section, for the term specified in the agreement, the personal property of a technology–related business that is located or locates in Washington County is exempt from Washington County personal property tax.