Tax Increment Reinvestment Zones (TIRZs) are special zones created by City Council to attract new investment in an area. These zones help finance costs of redevelopment and promote growth in areas 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.
Fifth Ward TIRZ was formed to establish a framework and create conditions for redevelopment to occur that will stabilize a declining tax base, establish the basis for a consistency of land uses and strengthen the character of residential and commercial properties.
Under its Bylaws, which were approved by the City of Houston, the Board of the Redevelopment Authority is required to be the same as the Board of the TIRZ. The structure is not unusual and it is common for the City of Houston to create redevelopment authorities to assist the city with respect to the management of TIRZs. The Fifth Ward Redevelopment Authority is the Fifth Ward TIRZ’s associated redevelopment authority and entered into a Tri-Party Agreement with the City and the TIRZ to manage the TIRZ and assist with carrying out the TIRZ’s Project Plan.
Harvey Clemons, Jr., Chairman
Eleanor D. Jones
Ronda Michell Prince
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