S.B. No. 3047 proposes the establishment of the Pura Vida Municipal Management District No. 1 in Travis County, Texas, which will be governed by a board of five elected directors serving staggered four-year terms. The district aims to promote public purposes such as economic development, transportation, housing, and public welfare, with the authority to issue bonds, impose assessments, fees, and taxes, and exercise limited eminent domain powers. Key provisions include the ability to acquire, lease, construct, and maintain parking facilities, which are considered public assets, and the establishment of a nonprofit corporation to assist in project implementation. The bill emphasizes that the district's creation is in the public interest and aims to benefit both the community and private interests.

The bill also introduces an amendment to the Special District Local Laws Code by adding Section 4013.0311, which explicitly states that the district may not exercise the power of eminent domain, thereby limiting its authority in acquiring private property without consent. Additionally, it outlines the procedures for financing services and improvements through assessments, requiring property owner petitions for such financing, and establishes the authority to impose taxes, including a hotel occupancy tax not exceeding seven percent. The bill specifies that it will take effect immediately upon a two-thirds vote from elected members in both houses or on September 1, 2025, if the vote is not achieved.

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