Project and Financing Plan

On December 12, 1990, by Ordinance No. 90-1452, the City Council of the City of Houston, Texas (“City”) created Reinvestment Zone Number One, City of Houston (“Zone”). The goals of the Zone included increasing and stabilizing property values through new development, encouraging the revitalization of the area as a low density residential neighborhood, encouraging the removal of blight, deteriorated buildings and incompatible uses, providing necessary infrastructure improvements, preventing through and cut-through traffic, providing a safe, walkable pedestrian environment with generous sidewalks and appropriate landscaping, encouraging crime prevention through environmental design, and improving the visual quality of the surrounding area.