ORDINANCE appropriating $419,768.98 out of Tax Increment Funds for Reinvestment Zone Number One, City of Houston, Texas (Lamar Terrace Zone), Reinvestment Zone Number Two, City of Houston, Texas (Midtown Zone), Reinvestment Zone Number Three, City of Houston, Texas (Main Street/Market Square Zone), Reinvestment Zone Number Four (Village Enclaves Zone), Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone), Reinvestment Zone Number Six, City Of Houston, Texas (Eastside Zone), Reinvestment Zone Number Seven, City of Houston, Texas (Old Spanish Trail/Almeda Corridors Zone), Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone), Reinvestment Zone Number Nine, City of Houston, Texas (South Post Oak Zone), Reinvestment Zone Number Ten, City of Houston, Texas (Lake Houston Zone), Reinvestment Zone Number Eleven, City of Houston, Texas (Greater Greens Point Zone), Reinvestment Zone Number Twelve, City of Houston, Texas (City Park Zone), Reinvestment Zone Number Thirteen, City of Houston, Texas (Old Sixth Ward Zone), Reinvestment Zone Number Fourteen, City of Houston, Texas (Fourth Ward Zone), Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone), Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown Zone), Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone), Reinvestment Zone Number Eighteen, City of Houston, Texas (Fifth Ward Zone), Reinvestment Zone Number Nineteen, City of Houston, Texas (Upper Kirby Zone), Reinvestment Zone Number Twenty, City of Houston, Texas (Southwest Houston Zone), Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near North Side Zone), Reinvestment Zone Number Twenty-Two, City of Houston Texas (Leland Woods Zone), Reinvestment Zone Number Twenty-Three, City of Houston Texas (Harrisburg Zone), Reinvestment Zone Number Twenty-Four, City of Houston Texas (Greater Houston Zone), and Reinvestment Zone Number Twenty-Five, City of Houston Texas (Hiram Clarke Fort Bend Zone) for payments to certain Redevelopment Authorities as provided herein

SUBJECT:   Ordinance appropriating $419,768.98 in Interest Revenue and Miscellaneous Revenue from the various Tax Increment Reinvestment Zone (“TIRZ”) Funds and authorizing the transfer of Interest Revenue and Miscellaneous Revenue to various Tax Increment Reinvestment Zone (“TIRZ”) Revenue Funds pursuant to the City’s Interlocal Agreement with the TIRZs. 

RECOMMENDATION: (Summary)

City Council approve an ordinance appropriating $419,768.98 in Interest Revenue and Miscellaneous Revenue from the various TIRZ Funds pursuant to the City’s Interlocal Agreements with the TIRZs.  

SPECIFIC EXPLANATION:

The appropriation of $419,768.98 is allocated as follows:

Interest Revenue:

Interest earned on Fiscal Year 2014 tax increment – $162,176.38.

 Interest earned on Fiscal Year 2015 tax increment – $207,618.43.

Miscellaneous Revenue:

Timbergrove Sports Association reimbursement due to City Park Redevelopment Authority (TIRZ 12) – $4,320.

TxDOT Refund due to Hardy/Near Northside Redevelopment Authority (TIRZ 21) – $29,190.81.

Municipal Services refund due to Lake Houston Redevelopment Authority (TIRZ 10) – $13,627.

Sundance Cinema reimbursement due to Downtown Redevelopment Authority (TIRZ 3) – $2,836.36.

Please see the attached schedule.

cc:       Marta Crinejo, Agenda Director

Anna Russell, City Secretary

Donna Edmundson, City Attorney

Gary Dzierlenga, Senior Assistant City Attorney

Gwendolyn F. Tillotson                                  Phone:  (832) 393-0937