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Main Street Market Square Redevelopment Authority, operating as the Downtown Redevelopment Authority (the "Authority"), is a public not-for-profit local government corporation, created June 30, 1999 under the laws of the State of Texas, and operating under Chapter 431, Texas Transportation Code, and Chapter 394, Texas Local Government Code. The Authority was established by the City of Houston (the "City") pursuant to Resolution No. 1999-39 to aid, assist and act on the behalf of the City in the performance of the City's obligations with respect to Reinvestment Zone Number Three, City of Houston, Texas (the "Zone") and neighboring areas.
The Zone was created by the City pursuant to the provisions of the Tax Increment Financing Act, Chapter 311, Texas Tax Code, As amended (the "TIF Act") to facilitate development of the land within the boundaries of the Zone, an area consisting of portions of the Central Business District of the City, as well as approximately 300 acres adjacent to Buffalo Bayou between Allen's Landing and Shepherd Drive.
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