Sec. 386.301. DISSOLUTION OF DEVELOPMENT ZONE BY CREATING BODY. (a) After a hearing, a creating body may dissolve a development zone if: (1) the area no longer meets the criteria for designation under this chapter; (2) the best interests of the creating body and the owners of property and interests in property in the zone will be served by dissolving the zone; and (3) each creating body agrees by ordinance or order on the: (A) proposition that the zone should be dissolved; (B) disposition of zone assets; and (C) assumption of liabilities by the creating bodies. (b) The dissolution of a development zone does not affect the validity of a: (1) tax incentive or regulatory relief granted or accrued before the removal; or (2) bond issued under this chapter.
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