Dissolution of Development Zone By Creating Body

Sec. 386.301. DISSOLUTION OF DEVELOPMENT ZONE BY CREATING BODY. (a) After a hearing, a creating body may dissolve a development zone if: (1) the area no longer meets the criteria for designation under this chapter; (2) the best interests of the creating body and the owners of property and interests in property in the zone will be served by dissolving the zone; and (3) each creating body agrees by ordinance or order on the: (A) proposition that the zone should be dissolved; (B) disposition of zone assets; and (C) assumption of liabilities by the creating bodies. (b) The dissolution of a development zone does not affect the validity of a: (1) tax incentive or regulatory relief granted or accrued before the removal; or (2) bond issued under this chapter. Added by Acts 2001, 77th Leg., ch. 1390, Sec. 1, eff. June 16, 2001.