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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) All or any part of the area of the district is eligible to be included in:
(1) a tax increment reinvestment zone created by the city under Chapter 311, Tax Code;
(2) a tax abatement reinvestment zone created by the city under Chapter 312, Tax Code; or
(3) an enterprise zone created by the city under Chapter 2303, 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(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(b), Local Government Code, unless the project has been approved by the governing body of the city by the adoption of a resolution.
(c) A tax increment reinvestment zone created by the city in the district is not subject to the limitations provided by Section 311.006(b), Tax Code.
Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 3871.006. Eligibility for Inclusion in Special Zones - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-3871-006/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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