SUBJECT: An Ordinance to annex additional territory into Reinvestment Zone Number Nine (South Post Oak Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance to annex additional territory into Reinvestment Zone Number Nine (South Post Oak Zone)
SPECIFIC EXPLANATION:
Reinvestment Zone Number Nine, City of Houston, Texas (“Zone”), was created by Ordinance No. 1997-1570 on December 17, 1997. City Council approved a Project Plan and Reinvestment Zone Financing Plan (“Plan”) for the Zone by Ordinance No. 1999-0721 on July 14, 1999. On August 11, 1999, City Council authorized the creation of the South Post Oak Redevelopment Authority to implement the Plan by Resolution No. 1999-0045, and approved the First Amendment to the Plan by Ordinance No. 1999-0825.
It is recommended that City Council annex approximately 148.53 acres into the Zone. The annexation does not alter the City’s ability to terminate the Zone either at the Zone’s termination date, the date all obligations have been met, or earlier if the City satisfies the outstanding debt and obligations, at which time revenue in excess of obligations returns to the general fund. The existing City tax increment reinvestment zones (TIRZs) represent 15.03% taxable value towards the statutory cap of 25% of the taxable value of property in the City. This proposed annexation of property into the Zone will increase the taxable value of the City’s TIRZs by .03% from 15.06% to 15.12% towards the 25% cap.
The boundaries of the annexation are generally described as follows:
A western boundary of Post Oak;
A northern boundary of Allum, which turns in to Airport;
An eastern boundary that starts at Buffalo Speedway and Airport, then goes south to Buffalo Speedway and Orem, then east to Orem and Ambrose, then south to Sims Bayou; and
A southern boundary that starts at Sims Bayou near Ambrose, then goes west to Hiram Clarke, then goes south to Fuqua, then goes west towards Post Oak.
The proposed annexation will enhance the Zone’s roadway infrastructure, pedestrian access, general mobility, and increase connectivity.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney