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A BILL TO BE ENTITLED
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AN ACT
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relating to the definition of a project financing zone for the |
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purposes of certain municipalities that use certain tax revenue to |
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fund convention center facilities, multipurpose arenas, venues, |
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and related infrastructure. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 351.1015(a)(4), Tax Code, is amended to |
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read as follows: |
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(4) "Project financing zone" means an area within a |
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municipality: |
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(A) that the municipality by ordinance or by |
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agreement under Chapter 380, Local Government Code, designates as a |
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project financing zone; |
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(B) the boundaries of which are: |
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(i) within a three-mile radius of the |
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center of a qualified project; or |
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(ii) if designated by a municipality |
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described by Section 351.001(7)(B), a contiguous geographic area |
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the total area of which is less than or equal to the maximum area |
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allowed under Subparagraph (i) that contains the qualified project; |
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(C) the designation of which specifies: |
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(i) for a zone the boundaries of which are |
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prescribed by Paragraph (B)(i), the longitude and latitude of the |
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center of the qualified project; or |
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(ii) for a zone the boundaries of which are |
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prescribed by Paragraph (B)(ii), the exact boundaries of the zone; |
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and |
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(D) the designation of which expires not later |
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than the 30th anniversary of the date of designation. |
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SECTION 2. This Act takes effect September 1, 2025. |