(a) The governing body of a municipality or county that is the governing body of a readjustment zone may:
(1) defer compliance in the zone with the subdivision and development ordinances or rules, other than those relating to streets and roads or sewer or water services, of the municipality or county, as appropriate;
(2) give priority to the zone for the receipt of:
(A) community development block grant money;
(B) industrial revenue bonds; or
(C) funds received for job training;
(3) adopt and implement a plan for police protection in the zone;
(4) amend the zoning ordinances of the municipality or county, as appropriate, to promote economic development in the zone;
(5) establish permitting preferences for businesses in the zone;
(6) establish simplified, accelerated, or other special permit procedures for businesses in the zone;
(7) waive development fees for projects in the zone;
(8) create a local readjustment zone fund for funding bonds or other programs or activities to develop or revitalize the zone;
(9) for qualified businesses in the zone, reduce rates charged by:
(A) a utility owned by the municipality or county, as appropriate; or
(B) a cooperative corporation or utility owned by private investors, subject to the requirements of Subsection (b);
(10) in issuing housing finance bonds, give priority to persons or projects in the zone;
(11) in providing services, give priority to local economic development, educational, job training, or transportation programs that benefit the zone; or
(12) sell real property owned by the municipality or county, as appropriate, and located in the readjustment zone in accordance with Section 2310.410.
(b) A reduction in utility rates under Subsection (a)(9)(B) is subject to the agreement of the affected utility and the approval of the appropriate regulatory authority under Title 2, Utilities Code. The rates may be reduced up to but not more than five percent below the lowest rate allowable for that customer class. In making its determination under this section, the regulatory authority shall consider revitalization goals for the readjustment zone. In setting the rates of the utility the appropriate regulatory authority shall allow the utility to recover the amount of the reduction.