trymahjong Posted May 3, 2013 Share Posted May 3, 2013 This was in email from Ellen CohenCouncil is considering a proposal to extend the boundaries of the Uptown Tax Incremental Reinvestment Zone (TIRZ) #16 to include Memorial Park. The partnership will provide funding for the creation and implementation of an updated master plan, though the City of Houston will retain control of the park. The plan also provides for transit improvements throughout the Uptown zone.This proposal was on the City Council Agenda this week, but was delayed for two weeks to provide for additional discussion. Council will host a public hearing at a special-called Budget & Fiscal Affairs Committee meeting to further consider this matter.Public Hearing: Special-Called Budget & Fiscal Affairs Committee meetingTIRZ 16 / Memorial Park PartnershipTuesday, May 7, 2013Council Chambers at City Hall10 AM Link to comment Share on other sites More sharing options...
august948 Posted May 3, 2013 Share Posted May 3, 2013 Is it just the park that gets added or does it include some surrounding properties? I'm not too familiar with how a TIRZ is funded. Does this mean additional taxes from someone or shifting dollars from somewhere else? In other words, what are they proposing to improve, how much will it cost and who foots the bill? Link to comment Share on other sites More sharing options...
Texasota Posted May 4, 2013 Share Posted May 4, 2013 A TIRZ is funded with refunded property taxes. The only entity that loses any money is the state. Link to comment Share on other sites More sharing options...
RedScare Posted May 4, 2013 Share Posted May 4, 2013 The funding for the TIRZ comes from the additional property taxes accrued from the increase in property value from a baseline value. For instance, if the baseline property value is $100,000, and this results in a baseline tax of $100, any increase in tax over that $100 goes to the TIRZ to spend to improve the area within the TIRZ. So, the Uptown TIRZ pays for the fancy stoplight supports with this increased tax money. The expansion to include Memorial Park allows Uptown TIRZ money to be spent to upgrade the park. Link to comment Share on other sites More sharing options...
august948 Posted May 4, 2013 Share Posted May 4, 2013 A TIRZ is funded with refunded property taxes. The only entity that loses any money is the state.My property tax bill shows the money going to the school district, Harris County, HCC and City of Houston. Unless commercial property taxes are different, I don't think any of this goes to the State of Texas. Link to comment Share on other sites More sharing options...
august948 Posted May 4, 2013 Share Posted May 4, 2013 The funding for the TIRZ comes from the additional property taxes accrued from the increase in property value from a baseline value. For instance, if the baseline property value is $100,000, and this results in a baseline tax of $100, any increase in tax over that $100 goes to the TIRZ to spend to improve the area within the TIRZ. So, the Uptown TIRZ pays for the fancy stoplight supports with this increased tax money. The expansion to include Memorial Park allows Uptown TIRZ money to be spent to upgrade the park.I wonder if there will be a corresponding drop in city funds for the park? Link to comment Share on other sites More sharing options...
TGM Posted May 7, 2013 Share Posted May 7, 2013 I wonder if there will be a corresponding drop in city funds for the park?It's a possibility as HPD asked some TIRZ to contribute monies to offset the cost to patrol.Odds are it will be used to improve the park. More important is that property owners in the proposed area are given the opportunity to hear the full details of the proposal as this impacts them in a variety of ways.Hmm, could this mean rail on Memorial? Link to comment Share on other sites More sharing options...
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