Tex.
Spec. Dist. Local Laws Code Section 3947.006
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; or(3)
an enterprise zone created under Chapter 2303 (Enterprise Zones), 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:(1)
the purposes permitted for money granted to a corporation under Section 380.002 (Economic Development Grants by Certain Municipalities)(b), Local Government Code; and(2)
any other district purpose, including the right to pledge the money as security for any bonds or other obligations issued by the district under Section 3947.203 (Borrowing Money; Obligations).(c)
If the city creates a tax increment reinvestment zone described by Subsection (a), the city may determine the percentage of the property in the zone that may be used for residential purposes and is not subject to the limitations provided by Section 311.006 (Restrictions on Composition of Reinvestment Zone), Tax Code.
Source:
Section 3947.006 — Eligibility for Inclusion in Special Zones, https://statutes.capitol.texas.gov/Docs/SD/htm/SD.3947.htm#3947.006 (accessed Jun. 5, 2024).
