Notwithstanding IC 5-1.2-9-27, or any other law, any interest in a project, including all tangible personal property used exclusively in connection with a project, that is:
is considered to be public property devoted to an essential public and governmental function and purpose. This property, and a leasehold estate, franchise, license, or other interests in the property, is exempt from all ad valorem property taxes and special assessments levied against property by the state or any political subdivision of the state.
IC 8-15.5-8-1.5