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Provide the tools needed to help alleviate blight, deteriorated street and site conditions, address obsolete transit services, encourage economic development and promote sound growth of residential, retail, hotel and other commercial development within the area, which in turn is critical to the long term economic health of the entire City of Houston.
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About Us...
| A Tax Increment Reinvestment Zone (TIRZ) is a public financing tool created by City Ordinance and thru Chapter 311 of the Local Texas Government Code for use in areas with blighted conditions including substantially arrested, impaired growth, substandard, slum, deteriorated structures, unsanitary, unsafe conditions and/or the general deterioration of public infrastructure.
The purposes of the TIRZ is to provide financial incentives through public-private sector partnerships enabling the construction and installation of public works facilities including, streets, street lights, parks, flood, drainage facilities, water and sewer utilities among others. Governed by a Board of Directors, the TIRZ may establish a Redevelopment Authority, a local not-for-profit governmental corporation to work in tandem with the TIRZ in the execution of projects within the TIRZ Project and Financing Plan.
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The Zone originally consisted of nine city blocks located in the northwest quadrant of the Central Business District (the "Original Area"). The City Council of the City of Houston has approved several annexations of lane into the zone: in 1998, the City Council approved adding approximately 65 city blocks to the Zone, including a corridor along Main Street through the Central Business District (the "1998 Annexed Area"); in 2005, the City Council approved the addition of two city blocks located in the eastern portion of the Central Business District to the Zone (the "2005 Annexed Area"); in 2007, the City Council approved the enlargement of the zone to include the city blocks that encompass various public buildings, including City Hall, the Jones Building and the Julia Ideson Building of the Central Library, City Hall Annex, and Sam Houston Park (the "2007 Annexed Area"); and in 2011, the City Council approved an addition to the Zone of all the property adjacent to the Buffalo Bayou from Allen's Landing in the northwestern portion of the Central Business District to Shepherd Drive west of the Central Business District (the "2011 Annexed Area").
Pursuant to the TIF Act, the ordinance of the City establishing the Zone also established a board of directors of the Zone" the Zone Board"). The members of the Zone Board are appointed by the City and the other taxing entities participating in the Zone. The members of the Authority Board are the same as the members of the Zone Board, as is required by the by-laws of the Authority.
The Zone is currently scheduled to terminate on December 31, 2043.
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