SUBJECT: A Public Improvement Development Agreement between the City of Houston (City), South Post Oak Redevelopment Authority (Authority), and Reinvestment Zone Number Nine (Zone), for the South Post Oak Intersection Improvement Project.
RECOMMENDATION: Adopt an Ordinance approving a Public Improvement Development Agreement between the City of Houston (City), South Post Oak Redevelopment Authority (Authority), and Reinvestment Zone Number Nine (Zone) for the South Post Oak Intersection Improvement Project.
PROJECT NOTICE/JUSTIFICATION: This project is part of a reinvestment zone created by the City pursuant to Chapter 311, Texas Tax Code (Zone), for the purposes of redevelopment in the area referred to as South Post Oak.
DESCRIPTION: The Agreement is for the acquisition of right of way and for the construction of improvements to the intersection of South Post Oak Road and West Orem Drive and to the intersection of Hiram Clarke Road and West Orem Drive, including new signalization, pedestrian havens, related sidewalks, and median tip improvements, striping and graphics.
LOCATION: The project area is generally bound by US 90 on the North, West Fuqua Street on the South, Buffalo Speedway on the East, and Chimney Rock on the West.
SCOPE OF THE AGREEMENT AND FEE: The Agreement is a Tri-Party Agreement authorizing the Authority to acquire real estate as necessary and construct improvements to the intersection of West Orem Drive and South Post Oak Road and the intersection of West Orem Drive and Hiram Clarke Road. The Authority will be responsible for all acquisition and construction costs.
The City hereby commits that should the Authority’s efforts to purchase the Property prove unsuccessful, the City may agree, to acquire the Property necessary for the completion of the Project by eminent domain. All such acquisitions shall be pursuant to the City’s standard procedures and policies.
Expenses incurred by the City for eminent domain proceedings will be reimbursed by the Authority. Should the Authority fail to pay the amount due, the City may deduct that amount from any tax increment payable by the City to the Zone. The Zone joins in the Agreement specifically to acknowledge and agree to the withholding of tax increment funds by the City if needed.
FISCAL NOTE: No significant Fiscal Operating Impact is anticipated as a result of this project.
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Carol Ellinger Haddock, P.E., Director
Houston Public Works
WBS No: N-T09000-0001-7