SUBJECT: Motion establishing a public hearing date on December 12, 2018 for a fourth amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone)
RECOMMENDATION: (Summary)
To establish a public hearing date for the fourth amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone)
SPECIFIC EXPLANATION:
It is anticipated that the Board of Directors of both the Gulfgate Redevelopment Authority and Reinvestment Zone Number Eight (the “Gulfgate Zone”) will approve amendments to the Project Plan and Reinvestment Zone Financing Plan for the Gulfgate Zone on December 5, 2018 and transmit the proposed Fourth Amended Project Plan and Reinvestment Zone Financing Plan (the “Fourth Amended Plan”) to the City for consideration by City Council.
The Fourth Amended Plan will provide for the annexation of an affordable housing development owned by Houston Housing Authority, located at 6000 Telephone Road, in order to assist in obtaining funds from the 9% Low-Income Housing Tax Credit Program administered by the Texas Department of Housing and Community Affairs. Sites located within a TIRZ are favored as the municipality has designated the area as being a focus for revitalization through the establishment of a "concerted community revitalization plan".
Pursuant to Ordinance No. 2014-1193, passed and adopted on December 17, 2014, City Council approved the Third Amendment to the Project Plan and Reinvestment Zone Financing Plan for the Gulfgate Zone (the “Third Amended Plan”). The Third Amended Plan contemplated extending the life of the Gulfgate Zone to December 31, 2044. Notice was published and the public hearing was held as required by Sections 311.007(c) and 311.011(e) of the Texas Tax Code. Due to a transcription error, Ordinance No. 2014-1193 did not include language extending the life of the Gulfgate Zone. The Fourth Amended Plan simply restates the termination date of the Gulfgate Zone as December 31, 2044, as originally contemplated in the Third Amended Plan, and does not contemplate an additional life extension.
Pursuant to Texas Tax Code Sections 311.007(c) and 311.011(e), a public hearing must be held prior to City Council’s consideration of an ordinance approving the Fourth Amended Plan. The Administration recommends setting the public hearing date on Wednesday, December 12, 2018.
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Andrew F Icken, Chief Development Officer