ORDINANCE appropriating $9,707,860.02 out of City of Houston, Texas Tax Increment Funds for Reinvestment Zone Numbers Two, (Midtown Zone), Three (Main Street/Market Square Zone), Eight (Gulfgate Zone), Nine (South Post Oak Zone), Eleven (Greater Greenspoint Zone), Fifteen (East Downtown Zone), and Twenty-Five (Hiram Clarke/Fort Bend Zone) for administrative expenses, payment of project costs, and payments to certain redevelopment authorities as provided herein

SUBJECT: Ordinance appropriating $9,707,860.02 in tax increment revenue payments made by Harris County, Harris County Flood Control, Harris County Hospital District, Harris County Port Authority and Fort Bend County 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 Harris County, Harris County Flood Control, Harris County Hospital District, Harris County Port Authority and Fort Bend County.

RECOMMENDATION: (Summary)

City Council approve an ordinance appropriating $9,707,860.02 in tax increment revenue payments made by Harris County, Harris County Flood Control, Harris County Hospital District, Harris County Port Authority and Fort Bend County and authorizing the transfer of tax increment revenues to various TIRZ funds pursuant to the City’s Interlocal Agreements with Harris County and Fort Bend County.

SPECIFIC EXPLANATION:

The appropriation of $9,707,860.02 results from tax increment payments received in the City’s Fiscal Year 2016 from Harris County, Harris County Flood Control, Harris County Hospital District, Harris County Port Authority and Fort Bend County for transfer to the various TIRZs.

As shown in the attached spreadsheet, $359,253.55 will be transferred to the General fund for TIRZ administrative costs; $162,845.25 will be transferred to Harris County’s Community Services Department for affordable housing; and $9,185,761.22 will be paid to the various redevelopment authorities on behalf of the TIRZ.

All tri-party agreements and creation documents can be found on the following website: eCode

Gwendolyn F. Tillotson            

 Phone: (832) 393-0937