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| Midtown Redevelopment Authority/TIRZ No. 2 |
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The Reinvestment Zone Number Two, City of Houston, Texas (the "Midtown TIRZ") was created by the City of Houston (the "City") on December 14, 1994, by Ordinance No. 94-1345 and enlarged by Ordinance No. 95-1322 (collectively, the "Ordinance") and operates pursuant to the Tax Increment Financing Act, Chapter 311, Texas Tax Code (the "TIF Act") and the Ordinance. The City created the Midtown Zone for the purpose of redevelopment of the area located generally between the central business district of the City and the Texas Medical Center.
City Resolution No. 95-96 authorized the creation of the Midtown Redevelopment Authority (the "Authority"), a not-for-profit local government corporation formed pursuant to the provisions of Chapter 431, Texas Transportation Code. As a parallel organization to the Midtown TIRZ (the Boards of Directors for the Midtown TIRZ and the Authority consist of the same nine members), the Authority was created to aid, assist, and act on behalf of the City in the performance of the City's governmental functions to promote the common good and general welfare of the Midtown Area and to provide an operating and financing vehicle for implementing the Midtown TIRZ Project and Financing Plan.
The current Midtown TIRZ includes approximately 617 acres of land within its boundaries, all of which are with in the City. Efforts to create the Midtown TIRZ were initiated by petition of individual property owners and neighborhood institutions to foster economic development and revitalize the Midtown area with both new construction and the preservation and restoration of existing structures. The Midtown TIRZ is authorized to provide, among other things, capital for public works and public improvements within its boundaries. The Midtown TIRZ provides the financing and management necessary to alleviate deteriorated site conditions and obsolete platting and to encourage growth of residential, commercial/industrial, retail, and institutional uses. The multi-use nature of the TIRZ is intended to provide new housing choices as well as employment, education, entertainment, and retail opportunities to residents in the area.
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