The governing body of Allegany County shall enter into an agreement with an owner or operator of a video lottery facility that locates in Allegany County for a negotiated payment in lieu of taxes on the video lottery facility. An agreement for a negotiated payment in lieu of taxes under this section shall provide that, for the term specified in the agreement: a specified amount shall be paid to Allegany County in lieu of the payment of Allegany County property tax; and all or a specified part of the real and personal property at the video lottery facility shall be exempt from Allegany County property tax for the term of the agreement.