SUBJECT: Motion establishing a date for a Public Hearing on the Proposed Tax Increment Reinvestment Zone Number Twenty-Six, City of Houston, Texas (Sunnyside Zone)
RECOMMENDATION: (Summary)
Approve a motion to establish a date for a Public Hearing on the Proposed Tax Increment Reinvestment Zone Number Twenty-Six, City of Houston, Texas (Sunnyside Zone).
SPECIFIC EXPLANATION:
Pursuant to Chapter 311 of the Texas Tax Code, the City of Houston is required to hold a public hearing on the creation of a Tax Increment Reinvestment Zone (TIRZ) and its benefits to the City and to property in the proposed TIRZ. At the hearing interested persons may comment on the proposed TIRZ’s creation.
The proposed 3,142 acre TIRZ (4.91 square miles) is a contiguous geographical area generally known as Sunnyside within the City, the name of which would be Tax Increment Reinvestment Zone Number Twenty-Six, City of Houston, Texas (Sunnyside Zone).
The tentative plans for the development of the TIRZ include the expenditure of public funds for eligible project costs including the 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. The 2015 taxable value of the area is approximately $200,180,051. The duration of the TIRZ is proposed to be 30 years. Development in this area will be an important feature in the revitalization of the area and the City of Houston as a whole.
A public hearing must be held prior to City Council’s consideration of an ordinance creating the “Sunnyside Zone”. The Administration recommends setting a public hearing for November 4, 2015.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney