SUBJECT: An Ordinance to annex additional territory into Reinvestment Zone Number Eighteen (Fifth Ward).
RECOMMENDATION: (Summary)
City Council adopt an ordinance to annex additional territory into Reinvestment Zone Number Eighteen (Fifth Ward Zone).
SPECIFIC EXPLANATION:
Reinvestment Zone Number Eighteen, City of Houston, Texas (the “Zone”), was created by Ordinance No. 1999-0766 on July 21, 1999. The City subsequently enlarged the boundaries of the Zone by Ordinance No. 2008-0765 on September 3, 2008.
It is recommended that City Council annex approximately 383.15 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 COH TIRZs represent 16.25% taxable value towards the City’s maximum 25% TIRZ cap. This annexation of TIRZ Number Eighteen will increase the City’s TIRZs taxable value by .04% from 16.25% to 16.29% towards the 25% cap.
The boundaries of the proposed area are as follows:
Section 1 – Generally Described as:
• A western boundary of Bayou St.
• A northern boundary of Clinton Dr.
• An eastern boundary of Lockwood Dr.
• A southern boundary of Buffalo Bayou
Section 2 – Generally Described as:
• A western boundary of Semmes St.
• A northern boundary of Brooks St.
• An eastern boundary of US 59/69
• A southern boundary of I-10 W/US-90
The proposed annexation will enable the development of public infrastructure, facilities and streetscape improvements and facilitate development and redevelopment of affordable housing along certain commercial corridors to enhance the Zone’s pedestrian access, mobility and connectivity.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney