Sec. 2310.111. REMOVAL OF DESIGNATION. (a) The bank may remove the designation of an area as a readjustment zone if:
(1) the area no longer meets the criteria for designation under this chapter or by rule of the office adopted under this chapter; or
(2) the bank determines that the governing body of the readjustment zone has not complied with commitments made in the ordinance or order nominating the area as a readjustment zone.
(b) The removal of a designation does not affect the validity of a tax incentive or regulatory relief granted or accrued before the removal.
Added by Acts 1997, 75th Leg., ch. 114, Sec. 1, eff. May 19, 1997. Amended by Acts 2003, 78th Leg., ch. 814, Sec. 3.38, eff. Sept. 1, 2003.
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