TAX INCREMENT FINANCING

(a) A district may use tax increment financing under Chapter 311, Tax Code, in the manner provided by that chapter for a municipality and as modified by this section. (b) A county commissioners court may establish a reinvestment zone including property located in the district and enter into a contract with the directors of the district on terms mutually acceptable to the two entities to allow the district to use tax increment financing as provided by Chapter 311, Tax Code. (c) Property within the corporate limits of a municipality is not eligible for tax increment financing under this section. (d) Before using tax increment financing, a district must: (1) obtain the approval of the county commissioners court that issued the district's creation order; and (2) comply with Section 311.003, Tax Code, as that section applies to a municipality. (e) For the purpose of tax increment financing under this section, the district board of directors is the board of directors of the reinvestment zone. Section 311.009, Tax Code, does not apply to this chapter.