Reinvestment Zone Number Seven, City of Houston, TX
Reinvestment Zone Number Seven, City of Houston, TX, also known as the Old Spanish Trail/Almeda Corridors Tax Increment Reinvestment Zone (TIRZ #7) was created May 1997 by Houston City Council with annexations in December 1998, March 2008 and 2013. The current Zone consists of approximately 1,729 acres.
The objectives of TIRZ #7 are to create and support an environment attractive to private investment primarily along the Almeda, Old Spanish Trail and Griggs corridors and in the Upper Third Ward area. TIRZ #7 provides the financing and management tools necessary for alleviating blight within the area and encourages the sound growth of residential, commercial and complementary retail development within the Zone.
During its 30-year life, the TIRZ will help finance approximately 182.4 million dollars of the following kinds of improvements and services:
Public Utility Improvements
Cultural and Public Facilities Improvements
School and Educations Facilities
TIRZ #7 expenditures are funded by tax increment revenue generated from new development or redevelopment activity within the Zone.
OST/Almeda Corridors Redevelopment Authority
The OST/Almeda Corridors Redevelopment Authority, a local government corporation, was created in July 1998 by the Houston City Council to administer the Project Plan and Financing Plan of Reinvestment Zone Number Seven, City of Houston, Texas (TIRZ #7).
The Authority is governed by a Board of seven members with 5 appointed by the Mayor and City Council, 1 by HISD Board of Trustees and 1 by Harris County Commissioners Court.
In 1992, a group of Third Ward civic leaders founded Third Ward Redevelopment Council to develop a master plan to guide the revitalization of the Greater Third Ward area. The planning team headed by Roberta F. Burroughs & Associates completed the Greater Third Ward Community Plan in 1995.
One of the top priorities identified by hundreds of residents, business owners, churches, schools, universities, community based organizations and other stakeholders participating in the planning process was economic development. Expanding the capacity of existing businesses and bringing new businesses into the Greater Third Ward area to provide much needed products and services was tackled immediately. Two development tools selected to facilitate economic revitalization were (1) establishment of a tax increment reinvestment zone to provide a financing mechanism to stimulate development and redevelopment in the area and (2) creation of a management district to maintain improvements and promote business development.
Councilmember and later Mayor Pro Tem Jew Don Boney carried the torch at City Hall to establish the Old Spanish Trail/Almeda Corridors TIRZ. Representative Garnet Coleman and other community leaders including Zinetta A. Burney, Rev. William P. Lawson and Algenita Scott Davis helped make the vision identified by Third Ward stakeholders become a reality.