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