1. (a) The district may enter into a tax abatement agreement by agreeing, in writing, with the owner or lessee of real property that is located in a reinvestment zone to exempt from taxation for a period not to exceed 30 years a portion of the value of the real property or of personal property, or both, located in the zone and owned or leased by a certificated air carrier on the condition that the certificated air carrier:

   1. (1) make specific real property improvements; or
   2. (2) lease, for a term of 30 years or more, real property improvements located in the reinvestment zone.

2. (b) The agreement may provide for the exemption of the:

   1. (1) real property in each year covered by the agreement to the extent its value for that year exceeds its value for the year in which the agreement is executed; and
   2. (2) personal property owned or leased by a certificated air carrier located in the reinvestment zone in each year covered by the agreement other than specific personal property that was located in the reinvestment zone at any time before the period covered by the agreement with the district.

Added by Acts 2017, 85th Leg., R.S., Ch. 869 (H.B. 2803), Sec. 1.03, eff. April 1, 2019.