Tex.
Spec. Dist. Local Laws Code Section 3903.006
Eligibility for Inclusion in Special Zones
(a)
All or any part of the area of the district is eligible to be included in:(1)
a tax increment reinvestment zone created under Chapter 311 (Tax Increment Financing Act), Tax Code;(2)
a tax abatement reinvestment zone created under Chapter 312 (Property Redevelopment and Tax Abatement Act), Tax Code;(3)
an enterprise zone created under Chapter 2303 (Enterprise Zones), Government Code; or(4)
an industrial district created under Chapter 42 (Extraterritorial Jurisdiction of Municipalities), Local Government Code.(b)
If the city creates a tax increment reinvestment zone described by Subsection (a), the city and the board of directors of the zone, by contract with the district, may grant money deposited in the tax increment fund to the district to be used by the district for the purposes permitted for money granted to a corporation under Section 380.002 (Economic Development Grants by Certain Municipalities)(b), Local Government Code, including the right to pledge the money as security for any bonds issued by the district for an improvement project. A project may not receive public funds under Section 380.002 (Economic Development Grants by Certain Municipalities)(b), Local Government Code, unless the project complies with a development agreement entered into under Section 3903.207 (Development Agreement).(c)
A tax increment reinvestment zone created by the city in the district is not subject to the limitations provided by Section 311.006 (Restrictions on Composition of Reinvestment Zone)(b), Tax Code.(d)
A tax increment reinvestment zone or a tax abatement reinvestment zone may not include territory in the district unless the governing body of the city approves the inclusion.
Source:
Section 3903.006 — Eligibility for Inclusion in Special Zones, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3903.htm#3903.006 (accessed Jun. 5, 2024).
