Texas § TX.311.011 - PROJECT AND FINANCING PLANS

§ TX.311.011. PROJECT AND FINANCING PLANS

PROJECT AND FINANCING PLANS. (a) The board of directors of a reinvestment zone shall prepare and adopt a project plan and a reinvestment zone financing plan for the zone and submit the plans to the governing body of the municipality or county that designated the zone. (b) The project plan must include: (1) a description and map showing existing uses and conditions of real property in the zone and proposed uses of that property; (2) proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county, if applicable; (3) a list of estimated nonproject costs; and (4) a statement of a method of relocating persons to be displaced, if any, as a result of implementing the plan. (c) The reinvestment zone financing plan must include: (1) a detailed list describing the estimated project costs of the zone, including administrative expenses; (2) a statement listing the proposed kind, number, and location of all public works or public improvements to be financed by the zone; (3) a finding that the plan is economically feasible and an economic feasibility study; (4) the estimated amount of bonded indebtedness to be incurred; (5) the estimated time when related costs or monetary obligations are to be incurred; (6) a description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit anticipated to contribute tax increment to the zone that levies taxes on real property in the zone; (7) the current total appraised value of taxable real property in the zone; (8) the estimated captured appraised value of the zone during each year of its existence; and (9) the duration of the zone. (d) The governing body of the municipality or county that designated the zone must approve a project plan or reinvestment zone financing plan after its adoption by the board. The approval must be by ordinance, in the case of a municipality, or by order, in the case of a county, that finds that the plan is feasible. (e) The board of directors of the zone at any time may adopt an amendment to the project plan consistent with the requirements and limitations of this chapter. The amendment takes effect on approval by the governing body of the municipality or county that created the zone. That approval must be by ordinance, in the case of a municipality, or by order, in the case of a county. If an amendment reduces or increases the geographic area of the zone, increases the amount of bonded indebtedness to be incurred, increases or decreases the percentage of a tax increment to be contributed by a taxing unit, increases the total estimated project costs, or designates additional property in the zone to be acquired by the municipality or county, the approval must be by ordinance or order, as applicable, adopted after a public hearing that satisfies the procedural requirements of Sections 311.003 (c) and (d). (f) In a zone designated under Section 311.005 (a)(4) that is located in a county with a population of 3.3 million or more, the project plan must provide that at least one-third of the tax increment of the zone be used to provide affordable housing during the term of the zone. (g) A school district that participates in a zone is not required to increase the percentage or amount of the tax increment to be contributed by the school district because of an amendment to the project plan or reinvestment zone financing plan for the zone unless the governing body of the school district by official action approves the amendment. (h) Unless specifically provided otherwise in the plan, all amounts contained in the project plan or reinvestment zone financing plan, including amounts of expenditures relating to project costs and amounts relating to participation by taxing units, are considered estimates and do not act as a limitation on the described items, but the amounts contained in the project plan or reinvestment zone financing plan may not vary materially from the estimates. This subsection may not be construed to increase the amount of any reduction under Section 403.302 (d)(4), Government Code, in the total taxable value of the property in a school district that participates in the zone as computed under Section 403.302 (d) of that code. Added by Acts 1987, 70th Leg., ch. 191, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 71st Leg., ch. 1137, Sec. 24, eff. Sept. 1, 1989; Acts 1999, 76th Leg., ch. 983, Sec. 4, eff. June 18, 1999; Acts 2001, 77th Leg., ch. 669, Sec. 120, eff. Sept. 1, 2001. Amended by: Acts 2005, 79th Leg., Ch. 1094 (H.B. 2120 ), Sec. 43, eff. September 1, 2005. Acts 2007, 80th Leg., R.S., Ch. 921 (H.B. 3167 ), Sec. 14.010, eff. September 1, 2007. Acts 2011, 82nd Leg., R.S., Ch. 1032 (H.B. 2853 ), Sec. 11, eff. June 17, 2011.