BILL ANALYSIS
Senate Research Center C.S.H.B. 1188
79R16409 SMH-F By: Hartnett (West, Royce)
Committee Report (Substituted)
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
The purpose of C.S.H.B. 1188 is to redevelop existing, substantially substandard areas of a city by designating reinvestment zones that encompass long-term vacant structures into a redevelopment plan that leads to stable, attractive areas in formerly underutilized areas.
RULEMAKING AUTHORITY
This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 311.005(a), Tax Code, to make modifications to the criteria for an area to be designated a reinvestment zone.
SECTION 2. Amends Section 311.008, Tax Code, by adding Subsection (e) to provide that implementation of a project plan to alleviate certain conditions and to promote development or redevelopment of a reinvestment zone in accordance with this chapter (Tax Increment Financing Act) serves a public purpose.
SECTION 3. Amends Section 311.010, Tax Code, by adding Subsection (g), to provide that Chapter 252 (Purchasing and Contracting Authority of Municipalities), Local Government Code, does not apply to a dedication, pledge, or other use of revenue in the tax increment fund for a reinvestment zone by the board of directors of the zone in carrying out its powers under Subsection (b).
SECTION 4. Effective date: upon passage or September 1, 2005.