HB2877 - 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.

  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.