(a) If the commissioner has ordered alternative management of a campus, the school district shall execute a contract with an approved provider to serve as a managing entity for the campus. The term of the contract may not exceed five years with an option to renew the contract. The district must execute the contract and relinquish control of the campus before January 1 of the school year.
(b) The management contract must include:
(1) a provision describing the school district’s responsibilities in supporting the operation of the campus; and
(2) provisions approved by the commissioner requiring the managing entity to demonstrate improvement in campus performance, including negotiated performance measures.

(c) Performance measures included in a management contract as required by Subsection (b) must be consistent with the priorities of Chapter 39 and this chapter.
(d) The management contract must be approved by the commissioner before the contract is executed. As appropriate, the commissioner may require the school district, as a term of the contract, to support the campus in the same manner as the district was required to support the campus before the execution of the contract.