SUBJECT: approving the Project Plan and Reinvestment Zone Financing Plan for REINVESTMENT ZONE NUMBER TWENTY-EIGHT, CITY OF HOUSTON, TEXAS (MEDICAL CENTER AREA ZONE)
RECOMMENDATION: City Council adopt an ordinance approving a Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Twenty-Eight (Medical Center Area Zone).
SPECIFIC EXPLANATION:
On December 14, 2022, City Council approved the designation of Reinvestment Zone Number Twenty-Eight (Medical Center). On July 20, 2023, and August 17, 2023, the Board of Directors of the Medical Center Zone approved a Project Plan and Reinvestment Zone Financing Plan (Plan) and recommended forwarding the Plan to the City for consideration.
The Plan details projects to be implemented by the Medical Center Area Zone in the Texas Medical Center and Hermann Park areas of the City. The Plan includes provisions for the design and construction of stormwater management and flood reduction improvements, multi-modal roadways, sidewalks and utility systems, affordable and workforce housing, parking enhancements, parks and open spaces, and recreational facilities.
The changes between the preliminary and final Project Plan and Reinvestment Zone Financing Plan were minimal; the narrative was updated to include clearer references to Hermann Park. The labeling on the exhibits was updated to be more inclusive of the entire medical center area. There were no changes to the project scope, costs, or revenue projections.
To support the Medical Center Area Zone and the City’s efforts in this regard, the Administration recommends that City Council approve the Plan for the Medical Center Area Zone.