| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to economically driven mobility projects. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Subchapter M, Chapter 201, Transportation Code, |
|
|
is amended by adding Section 201.948 to read as follows: |
|
|
Sec. 201.948. ECONOMICALLY DRIVEN MOBILITY PROJECT |
|
|
ACCOUNT. (a) The economically driven mobility project account is |
|
|
an account in the fund. The account consists of revenue received |
|
|
from projects financed under this section and proceeds from |
|
|
obligations secured by revenue received from those projects. Money |
|
|
in the account may be used only to finance projects authorized under |
|
|
Section 201.943(d) and selected as economically driven using the |
|
|
process and criteria developed under this section. |
|
|
(b) The department by rule shall develop a process and |
|
|
criteria for project review and selection using established |
|
|
economic principles for evaluating projects. |
|
|
(c) The review process must evaluate projects based on |
|
|
established commercial economic development standards for |
|
|
evaluating the return on investment. |
|
|
(d) Project selection criteria must prioritize projects |
|
|
that: |
|
|
(1) promote economic development, including by |
|
|
creating employment and cash flow; |
|
|
(2) have sustainable economic value; and |
|
|
(3) enhance mobility and connectivity as opposed to |
|
|
promoting isolated projects. |
|
|
(e) The department shall develop a project application |
|
|
process for local transportation planning entities, including |
|
|
municipalities, counties, metropolitan planning organizations, |
|
|
toll project entities as defined by Section 372.001, and public |
|
|
transportation entities under Subtitle K, to identify projects |
|
|
suitable for funding under this section. |
|
|
(f) The department may contract with local governments or |
|
|
private entities for the construction of selected projects, |
|
|
including construction through pass-through toll agreements under |
|
|
Section 222.104, or may construct projects itself. |
|
|
(g) Revenue from projects financed under this section must |
|
|
be deposited to the credit of the economically driven mobility |
|
|
project account. The department may contract with local |
|
|
governments or directly with private entities, including property |
|
|
owners, who will benefit from a selected project to recover amounts |
|
|
sufficient to cover the cost of the project and any associated debt |
|
|
service for the project. Revenue may include: |
|
|
(1) payments under a project cost participation |
|
|
agreement with a local government or private entity; |
|
|
(2) tax increment recovered from a transportation |
|
|
reinvestment zone; and |
|
|
(3) other revenue derived from the increase of value |
|
|
attributable to a project financed under this section. |
|
|
(h) Motor fuels tax revenue may not be used for the |
|
|
development of a project under this section. |
|
|
SECTION 2. The Texas Department of Transportation shall |
|
|
establish the process and criteria for the selection of |
|
|
economically driven mobility projects as required by Section |
|
|
201.948, Transportation Code, as added by this Act, not later than |
|
|
September 1, 2012. |
|
|
SECTION 3. This Act takes effect September 1, 2011. |