A. School boards may enter into agreements with private business and industry for the establishment, installation, renovation, remodeling, or construction of satellite classrooms for grades kindergarten through three on a site owned by the business or industry and leased to the school board at no cost. The local school board may adopt procedures for the enrollment of children of employees of the private industry who reside outside the attendance zone for such classrooms. Such procedures shall be designed to ensure compliance with all federal and state laws and regulations and constitutional provisions prohibiting discrimination that are applicable to public schools and with any court-ordered desegregation plan in effect for the school division. Agreements for such satellite classrooms shall include, among other things:
1. A detailed description of the satellite site, the site development necessary for new construction, remodeling, or renovation for the accomplishment of the project, and any facility to be constructed.
2. A plan for the reimbursement of the school division by the private industry or business upon premature termination of any such lease agreement.
4. A description of any waivers to be requested from the Board of Education for the operation of such satellite classrooms.
B. The relevant governing body may, by ordinance duly adopted, exempt in whole or in part from any and all taxes authorized pursuant to Chapter 37 (§ 58.1-3700 et seq.) of Title 58.1, private businesses and industries entering into agreements pursuant to this section.