SUBJECT: An Ordinance to annex additional territory into Reinvestment Zone Number Two (Midtown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance to annex additional territory into Reinvestment Zone Number 2 (Midtown Zone).
SPECIFIC EXPLANATION:
City of Houston Tax Reinvestment Zone Number Two, City of Houston, Texas (the “Zone”), was created by Ordinance No. 1994-1345 on December 14, 1994. City Council authorized the creation of the Midtown Redevelopment Authority by Resolution No. 1995-0096 on June 28, 1995, and approved a Project Plan and Reinvestment Zone Financing Plan (the “Plan”) for the Midtown Zone by Ordinance No. 1997-0600 on May 28, 1997. Subsequently, City Council approved the First Amendment to the Plan by Ordinance No. 1997-1338 on October 22, 1997, the Second Amendment to the Plan by Ordinance No. 1999-0850 on August 11, 1999, the Third Amendment to the Plan by Ordinance No. 2009-1395 on December 29, 2009, the Fourth Amendment to the Plan by Ordinance No. 2011-0534 on June 22, 2011, and the Fifth Amendment to the Plan by Ordinance No. 2013-0638 on July 10, 2013.
It is recommended that City Council annex approximately 88.42 acres into the Zone; most of the area that will be annexed into the Zone relates to certain museum district entities that have requested inclusion into the Zone and have provided letters of support. The proposed annexation will enhance the Zone’s Economic Development through its Cultural and Tourism District as well as provide for utility and street and streetscape improvements along certain commercial corridors to enhance pedestrian access, mobility, and connectivity. 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. This annexation represents a 4% increase in the size (TV) of the TIRZ. 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 15.03% to 15.06% towards the 25% cap.
Section 1: Generally described as: A western boundary of Mandell St.; A northern boundary of West Alabama St.; An eastern boundary of Montrose Blvd.; A southern boundary of Richmond Ave.; Graustark St. right-of-way from Richmond Ave. to Bartlett St.
Section 2: Generally described as: Bartlett St. right-of-way from Graustark St. to Bayard Ln.; A western boundary of Bayard Ln.; A northern boundary of Barkdull St.; A northeastern boundary of Oakdale Ave.; a southeastern boundary of Main St.; a southwestern boundary at Montrose Blvd.; Main St. right-of-way from Palm St. to Montrose Blvd.; Fannin St. right-of-way from Palm St. to Ewing Ave.; San Jacinto St. right-of-way from Rosedale St. to Ewing St.; Caroline St. from Oakdale Ave. to Hermann Dr.
A northwestern boundary of Fannin St.; A northeastern boundary of Rosedale St.; A southeastern boundary of San Jacinto; A southwestern boundary of Wichita St.; A northeastern boundary of Palm St.; A southeastern boundary of Caroline St.; A southwestern boundary of Southmore Blvd.; A northwestern boundary of San Jacinto St.; A northeastern boundary of Oakdale Ave.; A southeastern boundary of Austin St.; A southwestern boundary of Calumet Drive; A northwestern boundary of Main St.; A northeastern boundary of Binz St.; A southeastern boundary of San Jacinto St.; A southwestern boundary of Ewing St; A northwestern boundary of Austin St.; A northeastern boundary of Binz St.; A southeastern boundary of Crawford St.; A southwestern boundary of Hermann Drive; A southwestern boundary of Ewing St.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney