1. (a) After a hearing, a creating body may dissolve a development zone if:

   1. (1) the area no longer meets the criteria for designation under this chapter;
   2. (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. (3) each creating body agrees by ordinance or order on the:

      1. (A) proposition that the zone should be dissolved;
      2. (B) disposition of zone assets; and
      3. (C) assumption of liabilities by the creating bodies.

2. (b) The dissolution of a development zone does not affect the validity of a:

   1. (1) tax incentive or regulatory relief granted or accrued before the removal; or
   2. (2) bond issued under this chapter.

Added by Acts 2001, 77th Leg., ch. 1390, Sec. 1, eff. June 16, 2001.