STATION OR TERMINAL COMPLEX: REGIONAL ECONOMIC DEVELOPMENT FACILITIES ADDITIONAL TAX.

(a) An authority may increase its sales and use tax rate, not to exceed the rate authorized by Sections 451.404 and 451.405, to provide for the planning, acquisition, establishment, development, and construction of a station or terminal complex that includes regional economic development facilities if a majority of the votes received in an election called for that purpose approve the increase.

(b) An election under Subsection (a) may be called only if both the governing body of the principal municipality and the board by resolution order the election after:

(1) a petition requesting an election is submitted to the board;

(2) the board and the governing body hold separate public hearings on the ballot proposition; and

(3) notice is given of the intent to vote on the tax rate increase.

(c) The notice provided under Subsection (b)(3) must include:

(1) a statement or description of the purpose of the tax rate increase; and

(2) a statement that after five years the revenue from the tax rate increase may be used only for mass transit purposes other than the regional economic development facilities portion of the station or terminal complex, and then only if approved by the voters at an election held at that time.

(d) To be valid, a petition under Subsection (b) must:

(1) contain signatures of at least 10 percent of the registered voters of the authority collected not earlier than the 180th day before the date the petition is submitted to the board;

(2) state that the petition is intended to initiate an election to increase the rate of the sales and use tax of the authority for the purpose of establishing and operating a regional economic development facility; and

(3) include the ballot proposition for the election.

(e) The ballot proposition must contain a specific description of the regional economic development facilities projects to be financed by the revenue from the tax rate increase.

(f) A petition is considered to be valid if the board fails to act on the petition before the 31st day after the date the petition is submitted to the board.

(g) An election under this section may not be held earlier than the first anniversary after the date of a previous election to approve a tax rate increase under this section.