As a community improvement tool, the Tax Increment Reinvestment Zones (TIRZs), created by Houston City Council are one of a handful that are available to help spur local investment and development. TIRZ are special zones within the city that help incentivize reinvestment and raise money for the city though taxes that is driven back into that zone.The Houston community of Sunnyside was recently declared the city’s 26th special tax zone after a city council vote.The purpose of the TIRZ is to attack and remedy blight in a set area. They 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 (the tax increment part of the name) are set aside by city leaders to finance public improvements within the boundaries of the zone.Those improvements include street and sidewalk repairs-- critical infrastructure improvements that make blighted...
- Houston City Council recently made Sunnyside a Tax Improvement Reinvestment Zone (TIRZ).
- It is the 26th TIRZ council has put in place.
- The money will used for infrastructure improvements.