ORDINANCE designating a contiguous geographic area within the City of Houston located in the Montrose Area as REINVESTMENT ZONE NUMBER TWENTY-SEVEN, CITY OF HOUSTON, TEXAS (MONTROSE ZONE), for Tax Increment Financing purposes pursuant to Chapter 311 of the Texas Tax Code; creating a Board of Directors for such Zone; containing findings and other provisions relating to the foregoing subject; providing a severability clause - DISTRICT C - COHEN

SUBJECT: An ordinance designating a contiguous area of the City of Houston as Reinvestment Zone Number Twenty-Seven (Montrose Zone) for tax increment financing purposes.

RECOMMENDATION: (Summary)

City Council adopt an ordinance designating a contiguous geographic area within the City of Houston as Reinvestment Zone Number Twenty-Seven (Montrose Zone) for tax increment financing purposes.

SPECIFIC EXPLANATION:

Pursuant to Chapter 311 of the Texas Tax Code, City Council conducted a public hearing on November 18, 2015, regarding the designation of a Reinvestment Zone Number Twenty-Seven, City of Houston, Texas (Montrose Zone) for tax increment financing purposes. The contiguous boundary can be described generally as following the corridors of Montrose Blvd between W. Dallas and US 59; W. Gray between S. Shepherd and Taft; Westheimer between S. Shepherd and Bagby; W. Alabama between S. Shepherd and Spur 527; and Richmond between S. Shepherd and Spur 527. Subsequent to the required notice and the public hearing regarding the designation of the zone, there has been a correction to the amount of acreage within the zone from approximately 347 acres to approximately 598 acres. The number of acres has been corrected in the ordinance to reflect the area within the boundaries described in the public notice. The correct amount of acreage within the boundaries of the zone is approximately 598 acres.

This ordinance will establish a thirty-year duration for the proposed zone, expiring December 31, 2045; provide for a board of directors for the zone; establish a tax increment fund for the zone; and make findings that the zone’s projected improvements are of general benefit to the City, and that the zone meets the statutory criteria and requirements for a reinvestment zone.
 

The administration recommends that City Council approve the designation of Reinvestment Zone Number Twenty-Seven, City of Houston, Texas (Montrose Zone).

cc:  Marta Crinejo, Agenda Director

      Anna Russell, City Secretary

      Donna Edmundson, City Attorney

      Gary Dzierlenga, Senior Assistant City Attorney