1-1 AN ACT
1-2 relating to allowing certain tax abatement agreements to provide
1-3 for the recapture of lost ad valorem tax revenue if a property
1-4 owner fails to comply with tax abatement agreement requirements
1-5 regarding job creation or property value or other agreement
1-6 requirements.
1-7 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-8 SECTION 1. Subsection (b), Section 312.205, Tax Code, is
1-9 amended to read as follows:
1-10 (b) An agreement made under Section 312.204 or 312.211 may
1-11 include, at the option of the governing body of the municipality,
1-12 provisions for:
1-13 (1) improvements or repairs by the municipality to
1-14 streets, sidewalks, and utility services or facilities associated
1-15 with the property, except that the agreement may not provide for
1-16 lower charges or rates than are made for other services or
1-17 properties of a similar character;
1-18 (2) an economic feasibility study, including a
1-19 detailed list of estimated improvement costs, a description of the
1-20 methods of financing all estimated costs, and the time when related
1-21 costs or monetary obligations are to be incurred;
1-22 (3) a map showing existing uses and conditions of real
1-23 property in the reinvestment zone;
1-24 (4) a map showing proposed improvements and uses in
1-25 the reinvestment zone; [and]
2-1 (5) proposed changes of zoning ordinances, the master
2-2 plan, the map, building codes, and city ordinances; and
2-3 (6) the recapture of all or a portion of property tax
2-4 revenue lost as a result of the agreement if the owner of the
2-5 property fails to create all or a portion of the number of new jobs
2-6 provided by the agreement, if the appraised value of the property
2-7 subject to the agreement does not attain a value specified in the
2-8 agreement, or if the owner fails to meet any other performance
2-9 criteria provided by the agreement, and payment of a penalty or
2-10 interest, or both, on that recaptured property tax revenue.
2-11 SECTION 2. This Act takes effect immediately if it receives
2-12 a vote of two-thirds of all the members elected to each house, as
2-13 provided by Section 39, Article III, Texas Constitution. If this
2-14 Act does not receive the vote necessary for immediate effect, this
2-15 Act takes effect September 1, 2001.
_______________________________ _______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 986 passed the Senate on
May 1, 2001, by the following vote: Yeas 30, Nays 0, one present
not voting; and that the Senate concurred in House amendment on
May 24, 2001, by the following vote: Yeas 30, Nays 0, one present
not voting.
_______________________________
Secretary of the Senate
I hereby certify that S.B. No. 986 passed the House, with
amendment, on May 17, 2001, by the following vote: Yeas 140,
Nays 0, two present not voting.
_______________________________
Chief Clerk of the House
Approved:
_______________________________
Date
_______________________________
Governor