(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.

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Terms Used In Texas Local Government Code 386.301

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Property: means real and personal property. See Texas Government Code 311.005