Sec. 213.002. FINDINGS AND PURPOSE. (a) The legislature finds that:
(1) a restriction on the use of an amenity property may create uncertainty if the owners of an amenity property are reluctant or unable to properly maintain or operate the amenity property;
(2) such uncertainty may discourage investment and negatively impact property values in the development;
(3) investors may be reluctant to or will not invest funds to revitalize an amenity property burdened with a restriction on its use;
(4) financial institutions may be reluctant to or will not provide financing to revitalize an amenity property burdened with a restriction on its use; and
(5) establishing a procedural option to allow for the modification or termination of the restriction would alleviate the uncertainty and encourage revitalization of the amenity property.
(b) The purpose of this chapter is to provide a procedural option for the modification or termination of a restriction on the use of an amenity property.
Added by Acts 2015, 84th Leg., R.S., Ch. 1183 (S.B. 1168), Sec. 23, eff. September 1, 2015.
