82R5676 JTS-D
By: Hamilton H.B. No. 1724
A BILL TO BE ENTITLED
AN ACT
relating to economically driven mobility projects.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter M, Chapter 201, Transportation Code,
is amended by adding Section 201.948 to read as follows:
Sec. 201.948. ECONOMICALLY DRIVEN MOBILITY PROJECT
ACCOUNT. (a) The economically driven mobility project account is
an account in the fund. The account consists of revenue received
from projects financed under this section and proceeds from
obligations secured by revenue received from those projects. Money
in the account may be used only to finance projects authorized under
Section 201.943(d) and selected as economically driven using the
process and criteria developed under this section.
(b) The department by rule shall develop a process and
criteria for project selection using established economic
principles for evaluating projects. To develop the process and
criteria for project selection the department shall:
(1) create a new department division that employs
economic developers; or
(2) contract with economic development consultants.
(c) Project selection criteria must prioritize projects
that:
(1) promote economic development, including by
creating employment and cash flow;
(2) have sustainable economic value; and
(3) create transportation corridors as opposed to
isolated projects.
(d) The department shall develop a project application
process for local transportation planning entities, including
municipalities, counties, metropolitan planning organizations,
toll project entities as defined by Section 372.001, and public
transportation entities under Subtitle K, to identify projects
suitable for funding under this section.
(e) The department may contract with local governments or
private entities for the construction of selected projects,
including construction through pass-through toll agreements under
Section 222.104, or may construct projects itself.
(f) Revenue from projects financed under this section must
be deposited to the credit of the economically driven mobility
project account. The department may contract with local
governments or directly with private entities, including property
owners, who will benefit from a selected project to recover amounts
sufficient to cover the cost of the project and any associated debt
service for the project. Revenue may include:
(1) tax increment recovered from a transportation
reinvestment zone; and
(2) other revenue derived from the increase of value
attributable to a project financed under this section.
SECTION 2. The Texas Department of Transportation shall
establish the process and criteria for the selection of
economically driven mobility projects as required by Section
201.948, Transportation Code, as added by this Act, not later than
September 1, 2012.
SECTION 3. This Act takes effect September 1, 2011.