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A BILL TO BE ENTITLED
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AN ACT
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relating to the designation of certain land as a reinvestment zone |
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under the Tax Increment Financing Act. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 311.005, Tax Code, is amended by adding |
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Subsection (a-1) to read as follows: |
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(a-1) In connection with a petition submitted under |
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Subsection (a)(5), if the area consists of vacant land, regardless |
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of whether the area meets the criteria established by Subsection |
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(a)(1), (2), or (3), the area may be designated as a reinvestment |
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zone if the governing body of the municipality or county determines |
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that the area described in the petition is: |
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(1) unproductive; |
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(2) underdeveloped; or |
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(3) blighted. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |