DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
A Public Hearing and consideration of an Ordinance authorizing a 20-year term extension for the Houston Street Tax Increment Reinvestment Zone (TIRZ) modifying to the composition of the TIRZ Board of Directors; and participating tax entities; and amending the TIRZ project and finance plans.
SUMMARY:
City Council is being asked to consider extending the term of the Houston Street Tax Increment Reinvestment Zone an additional 20 years to September 30, 2034. In addition, City Council is being asked to consider changes to the composition of the Houston Street TIRZ Board of Directors to reflect changes to the taxing entities participating in the zone.
BACKGROUND INFORMATION:
Chapter 311 of the Property Tax Code (the TIF Act) authorizes the governing body of a municipality or a county to promote reinvestment and redevelopment in a defined geographic area by designating it a (TIRZ). The Houston Street TIRZ was designated by City Council in December 1999 to support redevelopment and public infrastructure improvements within the TIRZ boundary which is primarily located in the City's central business district (see attached map).
Over the last fifteen years, the Houston Street TIRZ has supported numerous public improvements within the zone including the Houston and Presa Street bridge linkages, the Majestic Courtyard improvements, redevelopment of the Stewart and Kress buildings and numerous fa?ade improvements along Houston Street.
On September 30, 2014, the current term of the Houston Street TIRZ is scheduled to expire. In addition, the related Development Agreement with Federal Realty Investment Trust (FRIT) and the Interlocal Agreements with Bexar County, the University Health System and Alamo Colleges will also expire.
In order to continue revitalization efforts of this valued reinvestment zone and to cap...
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