Making improvements to a community and its infrastructure requires more than careful planning — it requires a funding source. That’s why the Five Corners District is excited that the Houston City Council has created the Tax Increment Reinvestment Zone (TIRZ).
Five Corners’ board of directors and staff have been working with the City of Houston and with Councilman Larry Green to develop a project plan and finance plan for the creation of the TIRZ with the potential for bringing in dollars to fund more than $100 million in needed infrastructure projects over the next 30 years, David Hawes, Five Corners General Manager added.
The city defines a TIRZ as a special zone created by City Council to attract new investment to an area. TIRZs help finance the cost of redevelopment and encourage development in an area that would otherwise not attract sufficient market development in a timely manner. Taxes attributable to new improvements (tax increments) are set aside in a fund to finance public improvements within the boundaries of the zone.
“We are very pleased that the City Council voted to create the TIRZ in late July. Now that the TIRZ has been created, it will provide a revenue stream to fund needed sidewalk and street improvement projects in Five Corners.”
“One of the most importa nt roles of a district is to leverage dollars. They can get grant funds, but another opport unity is to apply to the city for a Tax Increment Reinvestment Zone to serve the area and to meet infrastructure needs so that development, redevelopment and economic development can take place.”
General Manager – Five Corners District