Economic Development Basics - Texas Municipal League

(5) Tax Increment Reinvestment Zone (TIRZ or TIF) boards andMunicipal Management District boards sometimes choose to utilize alocal government corporation to manage revenues and project plans.The powers of the local government corporation are more clearlydefined and broader than the powers provided by statute for the taxincrement reinvestment zone board.3. Land as an Economic Development ToolIs a city or a 4A or 4B corporation authorized to use land as an economicdevelopment tool by donating or selling the land at a reduced price for economicdevelopment purposes?a. Notice and Bid Requirements(1) General Rule: Notice and bids are required before a politicalsubdivision (including a City) may sell real property unless the salefits within an exception. Tex. Loc. Gov't Code Ann. § 272.001(Vernon Supp. 2003).(2) Exceptions:(a)Tex. Loc. Gov't Code Ann. § 272.001(b)(1)-(7) (Vernon Supp.2004).(i)(ii)(iii)(iv)(v)(vi)narrow strips of land, or land that because of itsshape, lack of access to public roads, or small areacannot be used independently under its currentzoning or under applicable subdivision or otherdevelopment control ordinances;streets or alleys, owned in fee or used by easement;land or a real property interest originally acquiredfor streets, rights-of-way, or easements that thepolitical subdivison chooses to exchange for otherland to be used for streets, rights-of-way,easements, or other public purposes, includingtransactions partly for cash;land that the political subdivision wants to havedeveloped by contract with an independentfoundation;a real property interest conveyed to a governmentalentity that has the power of eminent domain;a municipality's land that is located in areinvestment zone designated as provided by lawand that the municipality desires to have developed(18)