SUBJECT: Resolution authorizing the creation of the Medical Center Area Redevelopment Authority.
RECOMMENDATION: Approval of a resolution authorizing the creation of the Medical Center Area Redevelopment Authority.
SPECIFIC EXPLANATION:
City Council approved the creation of Tax Increment Reinvestment Zone (TIRZ) Number Twenty-Eight (Medical Center Area Zone) on December 14, 2022. TIRZ Number Twenty-Eight was created for the purpose of leveraging the expenditure of public funds for eligible projects including the planning, engineering and construction of new streets, water distribution facilities, wastewater collection facilities, storm drainage improvements, roadway and street reconstruction projects, cultural and public facility improvements, parks and other related improvements in the general area of the Texas Medical Center and Hermann Park.
The creation of the Medical Center Area Redevelopment Authority (“Authority”) is proposed to assist in the administration and management of the Medical Center Area Zone and in the implementation of the goals further described in the Project Plan for the Zone. The Board of Directors of the Medical Center Area Zone will serve in their corresponding positions as the Board of Directors of the Authority.
Application has been made to City Council for the incorporation of the Authority pursuant to Chapter 394 of the Texas Local Government Code. The proposed Certificate of Formation and Bylaws for the Authority are attached to review.
Attachments: Certificate of Formation, Bylaws