ORDINANCE appropriating $9,002,062.00 out of City of Houston, Texas Tax Increment funds for REINVESTMENT ZONES NUMBERS ONE (ST. GEORGES PLACE ZONE), TWO (MIDTOWN ZONE), THREE (MAIN STREET/MARKET SQUARE ZONE), FIVE (MEMORIAL HEIGHTS ZONE), SIX (EASTSIDE ZONE), SEVEN (OLD SPANISH TRAIL/ALMEDA CORRIDORS ZONE), EIGHT (GULFGATE ZONE), NINE (SOUTH POST OAK ZONE), TWELVE (CITY PARK ZONE), AND THIRTEEN (OLD SIXTH WARD ZONE), CITY OF HOUSTON, TEXAS, for payment of affordable housing costs, payments to Houston Independent School District, and payments to certain redevelopment authorities as provided herein

SUBJECT: Ordinance appropriating $9,002,062 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.

RECOMMENDATION: (Summary)

City Council approve an ordinance appropriating $9,002,062 in tax increment revenue payments made by Houston Independent School District 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:

The appropriation of $9,002,062 results from tax increment payments received in the City’s Fiscal Year 2018 from HISD for transfer to the various TIRZs.

As shown in the attached spreadsheet, $212,562 will be transferred to the City’s Affordable Housing Fund; $7,502,380 will be paid to HISD for Educational Facilities Project Costs, $1,220,816 will be paid to the Midtown Redevelopment Authority and $66,304 will be paid to the South Post Oak Redevelopment Authority.

All tri-party agreements and creation documents can be found on the following website: 

http://www.houstontx.gov/ecodev/

Gwendolyn F. Tillotson

 Phone:  (832) 393-0937