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Houston Innovation District (view source)
Revision as of 23:23, 18 October 2017
, 23:23, 18 October 2017no edit summary
source: https://www.census.gov/quickfacts/fact/table/harriscountytexas,houstoncitytexas,US/PST045216
=Houston Development Incentives and Regulations=
*'''Historic Sites:''' http://www.houstontx.gov/ecodev/historic_site_tax_exemption.html
*'''Tax Abatements:''' Houston created a program that encourages new growth, new development, and new jobs: tax abatements. These abatements attempt to strengthen Houston’s existing competitive advantages, while augmenting Houston’s emerging markets. http://www.houstontx.gov/ecodev/tax_abatements.html. Projects that qualify have one of the following situations:
**A developer builds in a declining part of Houston, a place where the project increases job opportunities, reduces poverty, or redevelops an area.
**The rare situation when a developer requires an abatement to remain, expand, or locate, in Houston, a situation where Houston’s job and economic market is significantly strengthened by the developer’s presence.
**A company invests in real estate that serves the public. Such an investment could provide affordable housing or rejuvenate a blighted area.
*'''380 Agreements:''' To make loans and/or grants of public money and to provide personnel and/or services of the City of Houston for the purpose of promoting state or local economic development. Also accepts donations and contributions to fund this program. http://www.houstontx.gov/ecodev/380agreements.html. An eligible project must include:
**construction of substantial new real property improvements of at least $2,500,000 in value, or extensive renovation of existing improvements, on land owned or to be acquired by the applicant; and documented equity investment of at least $500,000 ( loans to the project and guarantees of third party financing do not qualify);
**and either: documented creation of at least 25 new full time jobs (40-hours per week), and retention of such jobs for a period of no less than five years; or creation of affordable housing or transitional housing, to be established by deed restrictions recorded in the Official Public Records of Real Property of the county in which the property is located.
*'''Texas Enterprise Zones:''' Areas of underinvestment, places of distress targeted for rejuvenation. Terms:
**This economic revival comes in the form of state sales and use tax refunds. These reimbursements are based on how much a company invests and the number of jobs a company creates. Job and investment requirements fall in the chart at http://www.houstontx.gov/ecodev/enterprise_zones.html
**Besides these investment requirements, a municipality must nominate the company to the state government. The city of Houston may nominate 9 areas every 2 years.
*'''Tax Increment Reinvestment Zones:''' Tax Increment Reinvestment Zones (TIRZs) are special zones created by City Council to attract new investment in an area. TIRZs help finance costs of redevelopment and encourage development in areas that would otherwise not attract sufficient market development in a timely manner. Taxes attributable to new improvements (tax increments) are set-aside in a fund to finance public improvements within the boundaries of the zone.
**Map at http://www.houstontx.gov/ecodev/tirz.html
