Department: Community Services
Department Head/Elected Official: Adrienne M. Holloway, Ph.D., Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Amendment
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): Harris County Redevelopment Authority, TIRZ #24, City of Houston
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 first amendment to a tri-party agreement between the Harris County Redevelopment Authority, Tax Increment Reinvestment Zone #24, Harris County, and the City of Houston to increase participation by the City of Houston in the Zone from 5% to 75%, which increases the number of City appointed directors from one to five members on the Board of Directors.
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Background and Discussion:
Harris County Redevelopment Authority, Tax Increment Reinvestment Zone #24, Harris County, and the City of Houston entered into the Tri-Party Agreement effective July 16, 2014, empowering the Harris County Redevelopment Authority to act on behalf of Harris County, the City of Houston, and TIRZ #24 to implement the plan for the Zone, perform in activities related to the redevelopment of the Zone, contract with developers for project, issue or incur obligations, and use the tax increment generated by the Zone to pay for such obligations.
The first amendment amends the following increases participation by the City of Houston in the Zone from 5% to 75%, which increases the number of City appointed directors from one to five members of the Board of Directors. Harris County will still maintain control of the Board of Directors with six seats.
Expected Impact:
This action will amend the tri-party agreement to allow for increased participation by the City of Houston in the Zone from 5% to 75%, which increases the num...
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