TIRZ No. 1 is gaining an additional revenue stream to reinvest in capital projects throughout the area. In December Harris County, led by Harris County Precinct 4 Commissioner Leslie Briones, entered into an interlocal agreement with the reinvestment zone that will allow county tax increment to be collected and used toward public improvements. The interlocal agreement allowing Harris County to participate in the zone has been approved by the TIRZ No. 1/Redevelopment Authority Board of Directors, Harris County Commissioners Court and the City of Houston.
Harris County is allowing 60 percent of increment collected within areas of Precinct 4 that are also within the zone to be collected for reinvestment. Harris County will retain 1/3 of the collected increment to be used for development of affordable housing that is to be used within the boundaries of Precinct 4 and within 3 miles of the boundaries of the zone. The remainder will be available for use by the reinvestment zone to continue capital projects to improve local quality of life and spur additional private reinvestment.
