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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 7/24/2018
ALL
Item Creation Date: 7/6/2018
MYR - TIRZ Appropriation $10,338,917.85
Agenda Item#: 14.
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| | | | | | | | Summary:
ORDINANCE appropriating $10,338,917.85 out of City of Houston, Texas Tax Increment Funds for Reinvestment Zone Numbers Two (Midtown Zone), Three (Main Street/Market Square Zone), Nine (South Post Oak Zone), Eleven (Greater Greenspoint Zone), Fifteen (East Downtown Zone), and Twenty-Five (Hiram Clarke/Fort Bend Zone) for payment of administrative expenses, payment of project costs, and payments to certain redevelopment authorities as provided herein |
| | | | | | | | Background:
Ordinance appropriating $10,338,917.85 in tax increment revenue payments made by Houston Community College, Lone Star College, Harris County, Harris County Hospital District, Harris County Port Authority, and Fort Bend County 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 Houston Community College, Lone Star College, Harris County, Harris County Hospital District, Harris County Port Authority, and Fort Bend County.
Recommendation:
City Council approve an ordinance appropriating $10,338,917.85 in tax increment revenue payments made by Houston Community College, Lone Star College, Harris County, Harris County Hospital District, Harris County Port Authority, and Fort Bend County and authorizing the transfer of tax increment revenues to various TIRZ funds pursuant to the City’s Interlocal Agreements with Houston Community College, Lone Star College, Harris County, and Fort Bend County.
Specific Explanation:
The appropriation of $10,338,917.85 results from tax increment payments received in the City’s Fiscal Year 2018 from Houston Community College, Lone Star College, Harris County, Harris County Hospital District, Harris County Port Authority, and Fort Bend County for transfer to the various TIRZs.
As shown in the attached spreadsheet, $326,480.95 will be transferred to the General fund for TIRZ administrative costs; $224,154.75 will be transferred to Harris County’s Community Services Department for affordable housing; and $9,788,282.15 will be paid to the various redevelopment authorities on behalf of the TIRZ.
All tri-party agreements and creation documents can be found on the following website:
http://www.houstontx.gov/ecodev/
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Andrew F. Icken, Chief Development Officer |
| | | | | | | | Prior Council Action:
Ordinance 2017 – 547, July 26, 2017 |
| | | | | | | | Amount and Source of Funding:
$10,338,917.85
See attached TIRZ Tax Year 2017 County/Community College Increment |
| | | | | | | | Contact Information:
Gwendolyn F. Tillotson
Phone: (832) 393-0937 |
| ATTACHMENTS: | | Description | Type | | Cover Sheet | Signed Cover sheet |
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