Background
The Greater Greenspoint Redevelopment Authority (TIRZ Number Eleven) was created by the City of Houston in August 1998 to facilitate the development/redevelopment of residential and commercial properties within Zone Eleven through financing of: water, wastewater and drainage facilities; new streets and street reconstruction; parks and trails systems; landscaping and streetscape; public art, retail development and public facilities.
TIRZ Eleven has five increment partners: City of Houston; Harris County; Aldine ISD; Spring ISD and Lone Star College District.
What Are Tax Increment Reinvestment Zones (TIRZs)?
Tax Increment Reinvestment Zones (TIRZs) are special zones created by City Council to attract new investment to an area. TIRZs help finance the cost of redevelopment and encourage development in an area 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.
Criteria for Reinvestment
To be designated as a reinvestment zone, an area must:
- Substantially arrest or impair the sound growth of the municipality or county creating the zone, retard the provision of housing accommodations, or constitute an economic or social liability and be a menace to the public health, safety, morals, or welfare in its present condition and use because of the presence of:
- A substantial number of substandard, slum, deteriorated, or deteriorating structures
- The predominance of defective or inadequate sidewalk or street layout
- Faulty lot layout in relation to size, adequacy, accessibility, or usefulness
- Unsanitary or unsafe conditions
- The deterioration of site or other improvements
- Tax or special assessment delinquency exceeding the fair value of the land
- Defective or unusual conditions of title
- Conditions that endanger life or property by fire or other cause, or
- Structures, other than single-family residential structures, less than 10 percent of the square footage of which has been used for commercial, industrial, or residential purposes during the preceding 12 years, if the municipality has a population of 100,000 or more