H.B. No. 3255 amends the authority of development corporations created by the Gulf Coast Authority to finance a broader range of projects. The bill modifies Section 3.01 of Chapter 409, specifically updating Subsection (g) to allow these corporations to finance not only projects described in Subchapter C of Chapter 501 of the Local Government Code but also qualified improvements and a variety of new project types. These new project types include educational and housing facilities, health facilities, facilities for tax-exempt organizations, energy production or storage facilities, telecommunications service facilities, and the periodic acquisition of natural gas or electricity. Additionally, the bill introduces new subsections (h) through (l) that expand the powers of these corporations, streamline the approval process for out-of-state projects, and clarify the conditions under which projects can be deemed suitable for business development.

The bill also specifies that if a development corporation issues a public security for an out-of-state project, it must submit a resolution and project description to the attorney general. However, if the attorney general does not request further documentation within a specified timeframe, the public security is not subject to review. Furthermore, the bill allows development corporations to bypass certain approval standards if they determine that a project outside Texas is necessary for promoting new or expanded business enterprises. This legislation aims to enhance the financing capabilities of development corporations, thereby fostering economic growth and development both within and outside Texas.