Harris County
TIRZ No. 24 Projects
The Harris County RDA and TIRZ 24 will make strategic community investments in real estate projects and capital improvements that will result in resilient, sustainable communities integrating transit access, innovative drainage solutions and incorporating an enduring urban design that promotes new real property housing values serving mixed-income and mixed land use developments.
Springwoods Dev.
When America’s largest oil company was looking for a place to re-establish its U.S. headquarters…
Springwoods Dev.
The Springwoods/Exxon Campus required access from the Grand Parkway and North Freeway as well as internal thoroughfare access. The County entered into a public-to-public development agreement in support of the construction of $82,000,000 designated major thoroughfares and over-passes. This project encompassed 1,800 acres of land located at the Grand Parkway and North Freeway. The public-to-public partnership between HCID #18 and HCRDA accelerated the development and access to the 1,800 acres due to the construction of 100% of the thoroughfares that were needed to access the property from both the Grand Parkway and the North Freeway. The current value of the project is approaching $10B in less than 10 years. Estimated buildout is projected to 2025.
The Exxon Campus illustrates the scale of the major relocation that is equivalent to many Central Business Districts that are not located in a downtown. This project also demonstrates the importance of strategic economic incentives that yield highly resilient designed master-planned communities, job creation, housing, and new real property value.
Links to articles
https://corporate.exxonmobil.com/en/Locations/United-States/Houston-Campus
September 27, 2018
ExxonMobil’s state-of-the-art campus north of Houston serves as home to its Upstream, Downstream, Chemicals and XTO Energy companies and their associated service groups. The facility opened in 2014 and accommodates more than 10,000 employees and visitors.
The campus is located in Spring, Texas, on 385 wooded acres immediately to the west of Interstate Highway 45 (I-45), at the intersection of I-45 and the Hardy Toll Road, approximately 25 miles from the cultural vibrancy of downtown Houston.
Cullen Street
As the University of Houston, under great leadership has worked diligently to improve infrastructure and amenities…
Cullen Street
As the University of Houston, under great leadership has worked diligently to improve infrastructure and amenities South of Interstate 45 and new business and residential amenities slowly build into Houston’s east end, a gap in development was apparent along the North side of Interstate 45 corridor southeast of Downtown.
Standing vacant was the once landmark Finger Furniture Warehouse. While Harris County has worked to provide mixed-use housing in the area with the Villages of Eastwood, there is a need to make the area more enticing for private development.
In-Town Dev.
The second development applied to a proposed $12,000,000 townhome development…
In-Town Dev.
The second development applied to a proposed $12,000,000 townhome development, providing a maximum reimbursement of $330,000. The area had not experienced any real development interest. This development provides catalyst for new development. The Leeland project is completed and units are for sale.
Buffalo Point
The third TIRZ/RDA agreement was a public-to-public agreement between the City of Houston, and HCRDA/TIRZ24.
Buffalo Point
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.