Amend HB 3029 by inserting the following new SECTION 8 and renumbering the following SECTIONS appropriately: SECTION 8. Section 4B(k), Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes), is amended as follows: (k) The Legislature finds for all constitutional and statutory purposes that projects of the types added to the definition of that term by Subsection (a) of this section are owned, used, and held for public purposes for and on behalf of the eligible city incorporating the corporation, and Section 23(b) of this Act and Section 25.07(a), Tax Code, are not applicable to leasehold or other possessory interests granted by the corporation during the period projects are owned by the corporation on behalf of the eligible city. Projects are exempt from taxation under Section 11.11, Tax Code, for that period. After September 1, 1999, this Subsection applies only to corporations organized under this section where a majority of the qualified voters of the eligible city have authorized the levy of a sales and use tax pursuant to Subsection (d) of this section for the benefit of the corporation, except that a leasehold or other possessory interest in property constituting a project described by this subsection that is created under an agreement entered into by the corporation before September 1, 1999, is covered by the provisions of this Subsection governing ad valorem taxation of the leasehold or other possessory interests that were in effect on the date on which the agreement was executed.