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Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Eleven

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Project Plan and Reinvestment Zone Financing Plan for Reinvestment Zone Number Eleven • • City of Houston, Te:X3s, Ordinance No. 1999---,---,--,= AN ORDINANCE APPROVING THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER ELEVEN. CITY OF HOUSTON, TEXAS (GREENSPOINT); AUTHORIZING THE CITY SECRETARY TO DISTRffiUTE SUCH PLANS; CONTAINING VARIOUS PROVISIONS RELATED TO THE FOREGOING SUBJECT; AND DECLARING AN EMERGENCY. * * * * * * * \VHEREAS, by City of Houston Ordinance No. 98-713, adopted August 26,1998, the City created Reinvestment Zone Number Eleven, City of Houston, Texas (the "Greenspoint Zone") for the purposes of development within the Greater Greenspoint area of the City; and WHEREAS, the Board of Directors of the Greenspoint Zone has approved the Project Plan and Reinvestment Zone Financing Plan attached hereto for the development of the Greenspoint Zone; and WHEREAS, the City Council must approve the Project Plan and Reinvestment Zone Financing Plan; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COCNCIL OF THE CITY OF HOUSTON, TEXAS: Section 1. That the findings in the Ordinance are declared to be true correct and are Section 2. That the Plan hereto Zone City Houston. are detennined to feasible are • • Section 3. That the City Secretary is directed to provide copies of the Project Plan and Reinvestment Zone Financing Plan to each taxing unit levying ad valorem taxes in the Greenspoinl Zone. Section 4. That City Council officially finds, determines, recites and declares a sufficient written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code, and that this meeting has been open to the public as required by law at all times during which this ordinance and the subject matter thereof has been discussed, considered and formally acted upon. That City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 5. That there exists a public emergency requinng that this Ordinance be passed finally on the date of its introduction as requested in writing by the Mayor; therefore, this Ordinance shall be passed finally on such date and shall take effect immediately upon its passage and approval by the Mayor; however, in the event that the Mayor fails to sign this Ordinance within five days after its passage and adoption, it shall take effect in accordance with Article VI. Section 6, Houston City Charter. PASSED AND ADOPTED this !<)0i day l)&J;1 • 1999. 1 f f f 1)f ; APPROVED this ___ day of ____-', 1999. Mayor of the City of Houston 2 Pursuant to Artide \hgSection 6, Houston City Charter, the effective date of the foregoing Ordinance is AUG () .l . t:~L]~A--/ City Secretary (Prepared by Legal Dept .J..::..!.:'~4~~lU!:'!~.J.,...!.~~ (MAM\mam 7/27/99) Assistant City Atto y (Requested by Robert M. Litke, Director, Planning and Development) (L. D. File No. 34-98386-10) U:\WPFILEs\TIRZll\PROJI'tAN.WPO AYE NO MAYOR BROWN ••••" •••• COUNCIL MEMBERS TATRO --- YARBROUGH ---~ WONG ',1 ~pr.:r~~'),!' ",.. ~ \'OR...-- PRO BONEY ~ TODD USE1llTOur FCITY CITY BUSI £ss DRISCOLL ROACH SANCHEZ BELL ROBINSON 3 TAX INCREMENT REINVESTMENT ZONE NUMBER ELEVEN, CITY OF HOUSTON GREATER GREENSPOINT ZONE Project Plan and Reinvestment Zone Financing Plan July 24, 1999 Prepared By: Hawes Hill & Patterson Consultants, LL.P. TABLE OF CONTENTS Page PROJECT PLAN I. MAPS SHOWING EXISTING USES AND CONDITIONS OF REAL PROPERTY IN 2 THE ZONE AND MAPS SHOWING PROPOSED IMPROVEMENTS TO AND PROPOSED USES OF THAT PROPERTY II. PROPOSED CHANGES OF ZONING ORDINANCES, MASTER PLAN OF 8 MUNICIPALITY, BUILDING CODES, AND OTHER MUNICIPAL ORDINANCES III. LIST OF ESTIMATED NON-PROJECT COST ITEMS 8 IV. STATEMENT OF METHOD OF RELOCATING PERSONS TO BE DISPLACED AS A 9 RESULT OF IMPLEMENTING THE PLAN REINVESTMENT ZONE FINANCING PLAN I. A DETAILED LIST DESCRIBING THE ESTIMATED PROJECT COSTS OF THE 10 ZONE, INCLUDING ADMINISTRATIVE EXPENSES II. A STATEMENT LISTING THE KIND, NUMBER, AND LOCATION OF ALL 11 PROPOSED PUBLIC WORKS OR PUBLIC IMPROVEMENTS IN THE ZONE III. ECONOMIC FEASIBILITY OF DEVELOPMENT WITHIN THE ZONE 24 IV. THE ESTIMATED AMOUNT OF BONDED INDEBTEDNESS TO BE INCURRED 24 V. THE TIME WHEN RELATED COSTS OR MONETARY OBLIGATIONS ARE TO BE 24 INCURRED VI. A DESCRIPTION OF THE METHODS OF FINANCING ALL ESTIMATED PROJECT 24 COSTS AND THE EXPECTED SOURCES OF REVENUE TO FINANCE OR PAY PROJECT COSTS, INCLUDING THE PERCENTAGE OF TAX INCREMENT TO BE DERIVED FROM THE PROPERTY TAXES OF EACH TAXING UNIT THAT LEVIES TAXES ON REAL PROPERTY IN THE ZONE VII. THE CURRENT TOTAL APPRAISED VALUE OF TAXABLE REAL PROPERTY IN 25 THE ZONE VIII. THE ESTIMATED CAPTURED APPRAISED VALUE OF THE ZONE DURING EACH 25 YEAR OF ITS EXISTENCE IX. DURATION OF THE ZONE 25 TAX INCREMENT REINVESTMENT ZONE NUMBER ELEVEN, CITY OF HOUSTON GREATER GREENSPOINT ZONE Project Plan and Reinvestment Zone Financing Plan Tax Increment Reinvestment Zone Number Eleven, City of Houston (the "Zone") includes 3,500 acres of property that is characterized by four interrelated components: • Revitalization of the Airline Corridor • Multi-family/Apartment Redevelopment(Archon Project) • Repositioning of Retail Sector • Development of Raw Land and Vacant Property Based on current conditions and trends, without the financing tools available through the Zone, it is expected that the area will continue to suffer: • The blighted conditions on Airline Drive will continue to create significant social and economic stresses on the stability of the surrounding residential community and create major obstacles to the longevity and economic viability of the retailers in that corridor; • The retail sector will continue its decline, straining opportunities for open market forces to reverse this deterioration; • The scope of the redevelopment of 24 apartment properties and the redevelopment of the associated parks and trails system would be undertaken; and • The development of approximately 700 acres of vacant land will continue to be sluggish due to their noncompetitive position, as compared to areas located outside the City with mechanisms to finance public improvements. The purpose of the Zone is to facilitate the development/redevelopment of residential and commercial properties through the financing of: • Water, wastewater, drainage facilities; • Landscaping and streetscapes; • Redevelopment projects; • Conference/convocation center; • New Streets; • Retail redevelopment; and • Parks and trails system; • Parking facilities The four components of the Zone are interconnected and interrelated where each is an integral part of the whole. The successful completion of each component's revitalization effort is dependent on the inclusion and successful completion of the proposed projects in the other components. The Zone includes property that is blighted, deteriorating in condition, economically distressed and generally includes vacant parcels where infrastructure absent The City of Houston created the Zone to establish the basis mechanism that are essential for the attraction of private investment that otherwise would not occur in the reasonably foreseeable future. Greater Greenspoint Project Plan and Reinvestment Zone Financing Plan 1 Hawes Hill ,. Patterson Consultants, LLP. 07/24/99 • • PROJECT PLAN I. MAPS SHOWING EXISTING USES AND CONDITIONS OF REAL PROPERTY IN THE ZONE AND SHOWING PROPOSED IMPROVEMENTS TO AND PROPOSED USES OF THE PROPERTY The Zone includes property located within the current City of Houston ("City") limits with most boundaries contiguous with the boundary of the Greater Greenspclnt Management District (the "District"). The Zone boundary does not include property located outside of the City limits, and excludes the core commercial office center of the Greater Greenspoint area, known as "Greenspoint Plaza." The maps included herein as Maps 1 through 4 show the existing uses and conditions of real property in the Zone and proposed improvements to and uses of that property. Map 1is a boundary map and shows the Zone in relation to the City limits. Map 2 is an aerial photo depicting the boundary of the Greater Greenspoint Management District (the "Districf') and the Zone. Map 3 shows the existing land uses within the Zone's boundary, while Map 4 shows the proposed changes to land uses and improvements (Le. conversion of vacant land to uses including new residential, commercial, office, retail, entertainment and convention facilities). Existing Conditions The Zone consists of 3,SOO acres located in north Houston. A major landmark in the Zone is the interchange of the Sam Houston Parkway (Beltway 8) and the North Freeway (IH4S). These two highways divide the Zone into four "Subareas". Because the Zone is so large and contains many different components, dividing the Zone into Subareas facilitated quick identification of particular areas of the Zone and provided an easily understandable way of organizing the project costs listed in this Zone Project Plan and Reinvestment Financing Plan. Greater Greenspoint Project Plan and Reinvestment Zone Financing Ptan 2 Hawes Hill & Patterson Consultants, LLP. 07/24199 • • Map 1 Greenepolnt Tax Increment Relnveatment Zone Boundary Mep Greater Project Plan and Reinvestment Zone Financing Plan 3 Hawes Hill 8. Patterson Consultants, LLP. • Map 2 Greater Greenspoint Project Plan and Reinvestment Zone Financing Plan 4 Hawes Hill & Patterson Consultants, L.L.P. 07/24/99 Map 3 , , ~ = ~ ! ! ~ ~ ~ H 1. 1 ' .1 (1 11 ., 5 Greater Greenspoint Project Plan and Reinvestment Zone Financing Plan Hawes Hill & Patterson Consultants, LLP. 07/24199 - • • Map 4 I J c; r.:: ,. I • • u Greater Greenspoint Project Plan and Reinvestment Zone Financing Plan 6 Hawes Hill & Patterson Consultants, L.L.P. 07/24/99 I • • A reasonable inclination would be to divide the Zone into four Subareas consistent with the "natural" division created by the two intersecting highways. Three of the five taxing authorities cover the entire area of the Zone; however, the two school districts, Aldine I.S.D. and Spring I.S.D., do not.
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