ORDINANCE appropriating $14,234,989.00 out of City of Houston, Texas, Tax Increment Funds for REINVESTMENT ZONE NUMBERS ONE (SAINT GEORGE PLACE ZONE), TWO (MIDTOWN ZONE), THREE (MAIN STREET/MARKET SQUARE ZONE), SIX (EASTSIDE ZONE), SEVEN (OLD SPANISH TRAIL/ALMEDA CORRIDORS ZONE), EIGHT (GULFGATE ZONE), NINE (SOUTH POST OAK ZONE), TWELVE (CITY PARK ZONE), THIRTEEN (OLD SIXTH WARD ZONE), FOURTEEN (FOURTH WARD ZONE), FIFTEEN (EAST DOWNTOWN ZONE), SIXTEEN (UPTOWN ZONE), and EIGHTEEN (FIFTH WARD ZONE) CITY OF HOUSTON, TEXAS, for payment to City’s Affordable Housing Costs, payments to Houston Independent School District Educational Facilities Project costs, and payments to certain Redevelopment Authorities as provided herein

SUBJECT: Ordinance appropriating $14,234,989 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:

City Council approve an ordinance appropriating $14,234,989 in tax increment revenue payments made by Houston Independent School District (“HISD”) 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 $14,234,989 results from tax increment payments received in the City’s Fiscal Year 2023 from HISD for transfer to the various TIRZs.

As shown in the attached spreadsheet, $521,777 will be transferred to the City’s Affordable Housing Fund; $11,631,102 will be paid to HISD for Educational Facilities Project Costs, $2,002,234 will be paid to the Midtown Redevelopment Authority for their affordable housing program and $79,876 will be paid to the South Post Oak Redevelopment Authority for their affordable housing program.

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

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

_________________________________________________________

Andrew F. Icken, Chief Development Officer

 ________________________________________________________

 Gwendolyn Tillotson                                          Phone: (832.393.0937)