The governing body of a municipal corporation that provides a residential street service may make an agreement with the governing body of a privately owned residential community that qualifies under the provisions of § 51 of this subtitle concerning:

            (1)      The delivery of the residential street service to the privately owned residential community by the municipal corporation; or

            (2)      Instead of delivering the residential street service, the reimbursement to the governing body of the privately owned residential community of an amount not to exceed the cost that would be incurred by the municipal corporation to deliver the residential street service.