Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Policy
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
title
Request for approval of the Final Tax Increment Reinvestment Zone Project Plan & Financing Plan for Harris County Reinvestment Zone Number One ("Aldine TIRZ").
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Background and Discussion:
On December 13, 2022, Commissioners Court approved an order creating the Harris County Reinvestment Zone Number One for the purposed of tax increment financing, the establishment of the zone's geographic boundaries, and the creation of a board of directors for the zone. On July 23, 2024, the TIRZ Board of Directors met and approved the Final Tax Increment Reinvestment Zone Project Plan & Financing Plan. The Zone will terminate on December 31, 2052. By 2052 the zone is projected to reach $5.8B in value, and $188,487,956 in County tax increment revenue based on a 100% Harris County only participation tax rate. The Zone's Project Costs are $187M for the life of the zone.
Expected Impact:
Approval of the Tax Increment Reinvestment Zone Project Plan & Financing Plan enables the Zone to implement the plan and the County to create a Tax Increment Fund and to initiate tax increment revenue collections for 2023 tax year, payable in 2024.
Alternative Options:
If the Final Tax Increment Reinvestment Zone Project Plan & Financing Plan is not approved that would adversely affect the implementation and funding of TIRZ project costs.
Alignment with Goal(s):
_ Justice and Safety
_x Economic Opportunity
x_ Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
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