SUBJECT: An Ordinance approving an agreement among the City of Houston, Texas, Tax Increment Reinvestment Zone Number Twenty- Five and the Hiram Clarke/Fort Bend Redevelopment Authority.
RECOMMENDATION: (Summary)
Adopt an ordinance approving an agreement among the City of Houston, Texas, Tax Increment Reinvestment Zone Number Twenty-Five and the Hiram Clark/Fort Bend Redevelopment Authority (the “Tri-Party Agreement”).
SPECIFIC EXPLANATION:
On August 7, 2013, by Ordinance 2013-0708, City Council created Tax Increment Reinvestment Zone Number Twenty-Five (Hiram Clarke/Fort Bend Zone). On June 18, 2014, by Ordinance 2014-0639, the City approved a Project Plan and Reinvestment Zone Financing Plan for the Zone. On May 13, 2015, by Resolution 2015-0019, City Council created the Hiram Clarke/Fort Bend Redevelopment Authority (the “Authority”) to implement the Plans.
Approval of the proposed Tri-Party Agreement will empower the Authority to act on behalf of the City and the Zone to implement the Plans, contract with developers for projects provided in the approved plans, issue or incur obligations, and use the Tax Increment generated by the Zone to pay for such obligations.
The Tri-Party Agreement is consistent with the Tri-Party Agreements that City Council has approved for other Zones.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Steven Kirkland, Assistant City Attorney