The agreement known as Buffalo Point was executed 11/20/2014 for a participation amount of a maximum contribution of $3.5M for the purpose of constructing a wastewater line in conjunction with the paving improvements for Holmes Road, a designated major thoroughfare. This proposed infrastructure improvement opened approximately 1,300 acres within TIRZ area boundaries that could not previously obtain a building permit for wastewater services. Again, the purpose of creating TIRZ 24 was to open development opportunities to over 4,000 acres of vacant or underdeveloped acreage, in the southern area of the Zone, due to a lack of suitable infrastructure. This TIRZ investment will generate new taxable property values that “but for” the TIRZ investment otherwise would not have occurred in a timely manner within the service area.
These areas are just a part of the geography that was not able to obtain wastewater reservation letters sufficient to get approved building permits. Again, a classic example of a “but for” the TIRZ investment in this area would not be able to be served and facilitate development. This lack of infrastructure situation exists not only within TIRZ 24, but throughout Harris County and the role of the HCRDA and TIRZ will be critical in incentivizing new development or through a County led initiative CIP process to spawn new development. The paving and infrastructure implementation of Holmes Road is to be completed in 2020.
