Texas Local Government Code 253.012 – Conveyance to Economic Development Corporation by Certain Municipalities
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(a) In this section, “economic development corporation” means a Type A corporation governed by Chapter 504 or a Type B corporation governed by Chapter 505.
(b) This section applies only to a municipality with a population of 20,000 or less.
Terms Used In Texas Local Government Code 253.012
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Population: means the population shown by the most recent federal decennial census. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(c) A municipality may transfer to an economic development corporation, for consideration described by this section, real property or an interest in real property without complying with the notice and bidding requirements of § 272.001(a) or other law.
(d) Consideration for a transfer authorized by this section is in the form of an agreement between the parties that requires the economic development corporation to use the property in a manner that primarily promotes a public purpose of the municipality. If the economic development corporation at any time fails to use the property in that manner, ownership of the property automatically reverts to the municipality.
(e) The municipality shall transfer the property by an appropriate instrument of transfer. The instrument must include a provision that:
(1) requires the economic development corporation to use the property in a manner that primarily promotes a public purpose of the municipality; and
(2) indicates that ownership of the property automatically reverts to the municipality if the nonprofit organization at any time fails to use the property in that manner.
(f) A municipality may not transfer property to an economic development corporation under this section if the municipality acquired the property through eminent domain.