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House Bill 2653 |
House Author: Krusee |
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Effective: 6-18-05 |
Senate Sponsor: Barrientos |
House Bill 2653 amends the Tax Code to clarify and expand the provision authorizing the board of directors of a reinvestment zone and the governing body of a municipality that creates a reinvestment zone to each enter into agreements to implement the project plan and reinvestment zone financing plan for the zone. The bill specifies the conditions under which such an agreement may dedicate, pledge, or otherwise provide for the use of revenue in the tax increment fund to pay the costs of acquiring land, or the development rights or a conservation easement in land, located outside the reinvestment zone. Among the conditions is that the zone is or will be served by a rail transportation project or bus rapid transit project. The bill prohibits property acquired under this provision from being acquired through condemnation.