LETTING THE TIRZS FLOW Work on public improvements connected to the 4-million-sq.-ft. Regent Square project in North Montrose will begin by October, and work on the actual development will begin by a year later, according to an agreement approved by city council yesterday. GID Urban Development Group, the project’s developers, will be reimbursed for $10 million of its work on public streets and sidewalks through the Memorial Heights TIRZ. What’s next? “[Mayor] White said he generally has shied away from such public-private development efforts, but would continue to review opportunities on a case-by-case basis for distressed properties, such as Sharpstown Mall, and for other major projects already in the works that have been delayed or canceled amid the national economic crisis. . . . The mayor made note of a number of properties to which he hopes to attract developers, including in the Leland Woods TIRZ near Homestead Road and East Little York, the Near Northside TIRZ immediately north of downtown Houston, and in the Fifth Ward TIRZ. Other potential incentive packages may not be administered through a TIRZ, he added.” [Houston Chronicle; previously in Swamplot]
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Good news.
And remember, the reimbursement to the develop is the same process that happens in every Municipal Utility District (in city and out of city).
Developers will front the cost for public improvements, the state through bond sales will reimburse. In this case, the city and TIRZ will reimburse.
Sharpstown would be an interesting project for something like this too. The property used to be great, but it was in the hands of a (purportedly, alleged, etc) bad actor for a bunch of years and it kind of fell apart. If the TIRZ could help it get back on its feet it would be a nice boost to the neighborhood.
Actually, the new owner’s/property manager’s have already made one presentation to the TIRZ board (which is why it is mentioned in the article). I think it would be really good for the area if Sharpstown mall could be redeveloped.