(b) With respect to development or redevelopment projects, the provisions of subsection (a), section fifteen, article ten, chapter sixty-one of this code do not apply to any person who, or person whose spouse, is a salaried employee of a project developer under a contract subject to the provisions of said subsection if the employee, his or her spouse or child:

1. (1) Is not a party to the contract;
2. (2) Is not an owner, a shareholder, a director or an officer of a private entity under the contract;
3. (3) Receives no commission, bonus or other direct remuneration or thing of value by virtue of the contract;
4. (4) Does not participate in the deliberations or awarding of the contract; and
5. (5) Does not approve, vote for or otherwise authorize the payment of public funds, including, but not limited to, tax increment revenues, pursuant to or as a result of the contract.