bill redrawing project financing zones for convention centers

The text as introduced · 234 words

89R9927 CJD-F

By: Villalobos
H.B. No. 2877

A BILL TO BE ENTITLED

AN ACT

relating to the definition of a project financing zone for the

purposes of certain municipalities that use certain tax revenue to

fund convention center facilities, multipurpose arenas, venues,

and related infrastructure.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 351.1015(a)(4), Tax Code, is amended to

read as follows:

(4) "Project financing zone" means an area within a

municipality:

(A) that the municipality by ordinance or by

agreement under Chapter 380, Local Government Code, designates as a

project financing zone;

(B) the boundaries of which are :

(i) within a three-mile radius of the

center of a qualified project; or

(ii) if designated by a municipality

described by Section 351.001(7)(B), a contiguous geographic area

the total area of which is less than or equal to the maximum area

allowed under Subparagraph (i) that contains the qualified project;

(C) the designation of which specifies :

(i) for a zone the boundaries of which are

prescribed by Paragraph (B)(i), the longitude and latitude of the

center of the qualified project; or

(ii) for a zone the boundaries of which are

prescribed by Paragraph (B)(ii), the exact boundaries of the zone;

and

(D) the designation of which expires not later

than the 30th anniversary of the date of designation.

SECTION 2. This Act takes effect September 1, 2025.