Houston City Council will vote on the 2023 budgets for three tax increment reinvestment zones—Main Street/Market Square, Upper Kirby and Southwest Houston—as well as multiyear capital improvement plans at the council's weekly meeting Feb. 1.
Main Street/Market Square
Council members will vote on a new budget for the Main Street/Market Square TIRZ, also known as TIRZ 3, for fiscal year 2023-24 and a capital improvement plan covering 2023-27.
The TIRZ's total budget for the CIP is $64.6 million with funds set aside for various office-to-residential projects, including at 901 Main St., Houston; 801 Jefferson St., Houston; and 1111 Main St., Houston.
According to the agenda item, there will be $25.5 million set aside for FY 2023-24. Of that, $17.7 million will be allotted for costs of construction on Trebly Park and pedestrian improvements to the Montrose Bridge over Allen Parkway, among other projects.
Upper Kirby
Upper Kirby TIRZ’s potential capital improvement budget will be $65.8 million and include the construction of roadways as well as drainage improvements.
The TIRZ's FY 2023-24 budget will be $22.2 million, which includes $18.3 million for the construction of a Shepherd Drive drainage system and the reconstruction of West Alabama Street from Buffalo Speedway to Shepherd Drive, per the meeting's agenda item.
Southwest Houston
The Southwest Houston TIRZ’s proposed multiyear improvement plan budget totals $49.5 million and entails street reconstruction, drainage and detention improvements, and the redevelopment of Sharpstown Mall, according to the agenda item.
If the ordinance passes, the TIRZ’s FY 2023-24 budget will be $28.8 million with just under $26 million of that designated for the design and reconstruction of the Club Creek Detention Basin and Park, improvements to Corporate Drive from Beechnut Street to Bellaire Boulevard, and the design and reconstruction of a 3.12-mile concrete hike and bike trail between the Westpark Tollway and the Southwest Freeway, connecting at the Brays Bayou Greenway Trail.
