Tex.
Spec. Dist. Local Laws Code Section 3938.111
Designation of Special Zones
(a)
The district may designate all or any part of the area of the district, as if the district were a municipality, as:(1)
a tax increment reinvestment zone under Chapter 311 (Tax Increment Financing Act), Tax Code;(2)
a tax abatement reinvestment zone under Chapter 312 (Property Redevelopment and Tax Abatement Act), Tax Code; or(3)
an industrial district under Chapter 42 (Extraterritorial Jurisdiction of Municipalities), Local Government Code.(b)
Section 311.006 (Restrictions on Composition of Reinvestment Zone)(b), Tax Code, does not apply to a tax increment reinvestment zone created by the district.(c)
The district may submit to the Texas Economic Development Bank a request for designation of a project or activity in the district as an enterprise project in the manner provided for a municipality to submit a request under Chapter 2303 (Enterprise Zones), Government Code.(d)
If the county creates a tax increment reinvestment zone under Chapter 311 (Tax Increment Financing Act), Tax Code, the county, 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.
Source:
Section 3938.111 — Designation of Special Zones, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3938.htm#3938.111 (accessed Jun. 5, 2024).
