Sec. 386.301.  DISSOLUTION OF DEVELOPMENT ZONE BY CREATING BODY.  (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.
Added by Acts 2001, 77th Leg., ch. 1390, Sec. 1, eff. June 16, 2001.