The Houston City Council will hold a Public Hearing on November 18 regarding the creation of a Tax Increment Reinvestment Zone for Montrose and its benefits for the City of Houston and property within the proposed TIRZ. At the hearing, interested persons may comment on the proposed zone's creation, its boundaries and the concept of tax increment financing.
The City Council is requested to designate a TIRZ for a contiguous geographical area composed of approximated 347 acres within the area of Houston generally known as Montrose. The name of the proposed TIRZ is Reinvestment Zone #27 (Montrose Zone).
The tentative plans for the development of the TIRZ include the expenditure of public funds for eligible project costs including the planning, engineering and construction of new streets; water distribution facilities; wastewater collection facilities; storm drainage improvements; roadway and street reconstruction projects; sidewalk infrastructure improvement; cultural and public facility improvements; affordable housing; parks and other related improvements, as well as the cost of organizing and establishing the TIRZ. The 2015 appraised value of the area within the proposed TIRZ is approximately $932,736,723. The duration of the TIRZ is proposed to be 30 years. Roadway reconstruction in the proposed TIRZ will be an important feature in the revitalization of the Montrose area and the City as a whole.
The City Council vote to authorize the creation of a Montrose TIRZ is expected to take place on either December 2 or December 9, 2015.