With an eye toward the future, Missouri City City Council approved a project capacity expansion to water and wastewater projects within Tax Increment Reinvestment Zone No. 2, located in the southeast part of the city.
The capacity expansion, which was approved at the City Council March 6 meeting, increases total allocatable funding and therefore project capacity within the reinvestment zone from $9.5 million to $39.5 million for water and wastewater projects. TIRZs allocate a portion of property taxes into a separate account that can be used for improvements or economic agreements within the zone.
According to city staff reports, the TIRZ 2 area includes “booming” development, including Newquest Properties' proposed Fort Bend Town Center III project at the intersection of Fort Bend Parkway Toll Road and Hwy. 6. TIRZ 2 runs primarily along Hwy. 6 from Lakeshore Harbour Boulevard to the west and North Creekmont Drive to the south; it extends north past Lake Olympia Parkway and includes the Lakeshore Harbour subdivision, according to a map on the city website.
"This is not giving the city an additional $30 million, it is creating capacity in the project plan," City Attorney Joyce Iyamu said.
