(a) Economic development service contracts shall:

(1) Be approved by the governing body in ordinance or resolution form after following applicable bidding, procurement, and professional services procedures in accordance with state law or local ordinance;

(2) Be recorded in writing;

(3) Not exceed one (1) year in length unless there is a public finding by the governing body that multiple years are necessary for the success of the economic development service and that multiple years are both lawful and a matter of public benefit;

(4) Not be renewed automatically without a vote of the governing body;

(5) State a proper public purpose, such as the creation of new jobs, job retention, or the expansion of the tax base by construction or improvements to real property; and

(6) Articulate specific criteria to measure the progress toward, or achievement of, the proper public purpose.

(b) (1) The following are exempt from the Freedom of Information Act of 1967, § 25-19-101 et seq., as related to economic development services:

(A) Files and materials that if disclosed would give advantage to the competitors or bidders; and

(B) Records maintained by an economic development service provider for a municipality or county related to any economic development project.

(2)

(A) However, quarterly reports shall be provided to the governing body by parties to the economic development service contract and shall be available to the public.

(B) The reports shall include a statement of the specific items contained in the economic development service contract and articulation of compliance as to each of those items.