| | | | | | | |  |
CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 12/8/2015
ALL
Item Creation Date: 12/1/2015
MYR - TIRZ HISD appropriations
Agenda Item#: 36.
| |
|
| | | | | | | | Summary:
ORDINANCE appropriating $7,616,687.00 out of Tax Increment Funds for Reinvestment Zone Number One, City of Houston, Texas (Lamar Terrace Zone), Reinvestment Zone Number Two, City of Houston, Texas (Midtown Zone), Reinvestment Zone Number Three, City of Houston, Texas (Main Street Market Square Zone), Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone), Reinvestment Zone Number Six, City of Houston, Texas (Eastside Zone), Reinvestment Zone Number Seven, City of Houston, Texas (Old Spanish Trail Almeda Corridors Zone), Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone), Reinvestment Zone Number Nine, City of Houston, Texas (South Post Oak Zone), Reinvestment Zone Number Twelve, City of Houston, Texas (City Park Zone), and Reinvestment Zone Number Thirteen, City of Houston, Texas (Old Sixth Ward Zone) for Affordable Housing and payments to HOUSTON INDEPENDENT SCHOOL DISTRICT as provided herein |
| | | | | | | | Background:
SUBJECT: Ordinance appropriating $7,616,687 in tax increment revenue payments made by Houston Independent School District (“HISD”), and authorizing the transfer of tax increment revenues to various funds and to the redevelopment authorities on behalf of the Tax Increment Reinvestment Zones (“TIRZ”) pursuant to the City’s interlocal agreements with HISD.
RECOMMENDATION: (Summary)
City Council approve an ordinance appropriating $7,616,687 in tax increment revenue payments made by HISD and authorizing the transfer of tax increment revenues to various TIRZ funds pursuant to the City’s Interlocal Agreements with HISD and the TIRZs.
SPECIFIC EXPLANATION:
The appropriation of $7,616,687 results from tax increment payments received in the City’s Fiscal Year 2016 from Houston Independent School District for transfer to the various TIRZs that HISD participates.
As shown in the attached spreadsheet, $201,085 will be transferred to the City’s Affordable Housing Fund; $6,306,492 will be paid to HISD for Educational Facilities Project Costs; and $1,109,110 will be paid to the various redevelopment authorities on behalf of the TIRZs.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney
|
| | | | | | | | Prior Council Action:
Ord. No. 1999-0913, 8/18/99; Ord. No. 1999-0914, 8/18/99 |
| | | | | | | | Amount of Funding:
No funding required |
| | | | | | | | Contact Information:
Gwendolyn Tillotson Phone: (832) 393-0937 |
|