SUBJECT: An Ordinance to approve a Fourth Amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Seventeen (Memorial City Zone)
RECOMMENDATION: That City Council adopt an ordinance to approve a Fourth Amendment to the Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Seventeen (Memorial City Zone).
SPECIFIC EXPLANATION:
Reinvestment Zone Number Seventeen, City of Houston, Texas (the “Zone”), was created by Ordinance No. 1999-0759 on July 21, 1999. City Council approved a Project Plan and Reinvestment Zone Financing Plan (the “Plan”) for the Zone by Ordinance No. 1999-0852, on August 11, 1999. On August 17, 2011, City Council approved the First Amendment to the Plan by Ordinance 2011-0728. City Council approved the Second Amendment to the Plan by Ordinance No. 2014-1130 on December 18, 2014. The Third Amendment to the Plan was approved by City Council August 16, 2017, Ordinance 2017-630.
On October 30, 2018, the Board of Directors of the Zone approved a proposed Fourth Amendment to the Plan (the “Fourth Amended Plan”) and transmitted it for City Council consideration and approval. The Fourth Amended Plan, which will be coordinated with a proposed annexation into the Zone of approximately 1.99 acres of right of way along Beltway 8 Frontage Road between Memorial Drive and Terry Hershey Park Hike and Bike Trail, will provide for the construction of a mobility project to improve pedestrian safety and access to Terry Hershey Park.
Accordingly, the Administration recommends that City Council approve the Amended Plan for the Zone.
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Andrew F. Icken, Chief Development Officer