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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 2/9/2016
ALL
Item Creation Date: 1/22/2016
MYR - TIRZ HISD appropriation
Agenda Item#: 11.
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| | | | | | | | Summary:
ORDINANCE to correct amounts previously appropriated in Ordinance No. 2015-1214 out of Tax Increment Funds for Reinvestment Zone Number Two, City of Houston, Texas (Midtown Zone), Reinvestment Zone Number Nine, City of Houston, Texas (South Post Oak Zone), and Reinvestment Zone Number Thirteen, City of Houston, Texas (Old Sixth Ward Zone) for payment to HOUSTON INDEPENDENT SCHOOL DISTRICT as provided herein |
| | | | | | | | Background:
SUBJECT: Ordinance amending Ordinance No. 2015-1214 and appropriating $2,301,080 in tax increment revenue payments made by Houston Independent School District (“HISD”), and authorizing the transfer of tax increment revenues to various funds and to the redevelopment authorities on behalf of the Tax Increment Reinvestment Zones (“TIRZ”) pursuant to the City’s Interlocal Agreements with HISD.
RECOMMENDATION: (Summary)
City Council approve an ordinance amending Ordinance No. 2015-1214 and appropriating $2,301,080 in tax increment revenue payments made by HISD and authorizing the transfer of tax increment revenues to various TIRZ funds pursuant to the City’s Interlocal Agreements with HISD and the TIRZs.
SPECIFIC EXPLANATION:
On December 9, 2015, City Council approved Ordinance No. 2015-1214 appropriating tax increment payments received by the City from Houston Independent School District for transfer to the various TIRZs that HISD participates.
Ordinance No. 2015-1214 listed the amounts due to HISD from the Midtown Redevelopment Authority, the South Post Oak Redevelopment Authority and the Old Sixth Ward Redevelopment Authority incorrectly. The correct amounts due to these redevelopment authorities are as follows:
- Midtown Redevelopment Authority $2,088,749
- South Post Oak Redevelopment Authority $129,472
- Old Sixth Ward Redevelopment Authority $82,859
- Amount due to HISD for Educational Facilities $2,301,080
The funds authorized to be appropriated pursuant to Ordinance No. 2015-1214 have not yet been transferred to the various redevelopment authorities; therefore, this amendment will not require a de-appropriation of funds. |
| | | | | | | | Prior Council Action:
Ord. No. 1997-0565, 5/21/97;
Ord. No. 1999-0913, 8/18/99;
Ord. No. 1999-0914, 8/18/99 |
| | | | | | | | Contact Information:
Gwendolyn Tillotson
Phone: (832) 393-0937 |
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