SPECIFIC EXPLANATION:
Reinvestment Zone Number Three, City of Houston, Texas (the “Zone”) was created by Ordinance No. 1995-1323 on December 13, 1995. City Council approved a Project Plan and Reinvestment Zone Financing Plan (the “Plan”) for the Zone by Ordinance No. 1996-0911, on September 11, 1996, and created the Market Square Redevelopment Authority by Resolution No. 1999-0039 on June 30, 1999, to implement the Plan.
The City approved the First Amendment to the Plan by Ordinance No. 1998-1205 on December 16, 1998; the Second Amendment to the Plan by Ordinance No. 1999-0828 on August 11, 1999; the Third Amendment to the Plan by Ordinance No. 2005-1050 on September 14, 2005, the Fourth Amendment to the Plan by Ordinance No. 2007-1423 on December 12, 2007, the Fifth Amendment to the Plan by Ordinance No. 2011-989 on November 16, 2011, and the Sixth Amendment to the Plan by Ordinance No. 2019-984 on December 4, 2019.
On November 10, 2020, the Board of Directors of the Zone approved a proposed Seventh Amendment to the Project Plan and Reinvestment Zone Financing Plan (the “Amended Plan”) and transmitted it for City Council consideration and approval. The Amended Plan provides for a de-annexation of Sam Houston Park from Reinvestment Zone Three to be annexed into Reinvestment Zone Fourteen in a subsequent request to be approved by City Council.
Pursuant to Chapter 311 of the Texas Tax Code Sections 311.003, 311.007 and 311.011, a public hearing was held on December 2, 2020. Accordingly, the Administration recommends that City Council approve the Seventh Amendment to the Project Plan for the Zone.
All tri-party agreements, creation documents, project plans and reinvestment zone financing plans can be found on the following website: https://www.houstontx.gov/ecodev/tirz_info.html
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Andrew F. Icken, Chief Development Officer