The bill establishes the Pura Vida Municipal Management District No. 1 in Travis County, Texas, under Chapter 4013 of the Special District Local Laws Code. This district will have the authority to issue bonds, impose assessments, fees, and taxes, and will possess limited powers of eminent domain, although a new provision explicitly states that the district may not exercise the power of eminent domain. The district aims to promote public purposes such as economic development, transportation, housing, and public welfare, while supplementing the services provided by the City of Mustang Ridge. Governance will be managed by a board of five elected directors serving staggered four-year terms, with the ability to engage in various improvement projects and services.

The bill also introduces several amendments regarding the acquisition and management of parking facilities, allowing the district to treat these facilities as public assets, even if operated by private entities. It establishes procedures for financing services through assessments, requiring property owner petitions, and mandates voter approval for ad valorem taxes. Additionally, the district can impose a sales and use tax of up to two percent and a hotel occupancy tax not exceeding seven percent, with proceeds directed towards tourism promotion and economic development. The bill includes provisions for the dissolution of the district, contingent upon property owner petitions, and specifies that the district cannot be dissolved if it has outstanding debts. The effective date of the bill is contingent on a two-thirds vote from elected members, or it will take effect on September 1, 2025.

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