(a) An ordinance or order nominating an area as a readjustment zone must:
- (1) describe precisely the area to be included in the zone by a legal description or reference to roadways, lakes, waterways, or municipal or county boundaries;
- (2) state a finding that the area meets the requirements of this chapter;
- (3) summarize briefly the incentives, including tax incentives, that, at the election of the nominating body, apply to business enterprises in the area; and
- (4) nominate the area as a readjustment zone.
- (b) At least one of the incentives summarized under Subsection (a)(3) must not be offered elsewhere within the jurisdiction except within an enterprise zone designated under Chapter 2303.
- (c) This section does not prohibit a municipality or county from extending additional incentives, including tax incentives, for business enterprises in a readjustment zone by a separate ordinance or order.
Added by Acts 1997, 75th Leg., ch. 114, Sec. 1, eff. May 19, 1997.