Houston City Council on Wednesday voted to create a new Tax Increment Reinvestment Zone in the Texas Medical Center, to take advantage of the ongoing development of a sprawling biomedical research campus. Under a TIRZ, property tax revenues are frozen.
to take advantage of the ongoing development of a sprawling biomedical research campus.
Turner said those improvements will benefit every visitor to the medical center from Houston and beyond. “The Texas Medical Center’s 120,000 employees have the privilege to serve 10 million patient encounters a year," TMC president William McKeon said in an email."The newly created Medical Center TIRZ 28 is an investment in our region’s public health and safety by ensuring the proactive maintenance and enhancement of the critical public infrastructure in and around TMC and Hermann Park. We appreciate the support of the city in addressing this critical need.
Wednesday's council session marked the second time supporters have sought to include Hermann Park in a tax increment reinvestment zone. Two years ago, Phoebe Tudor, an executive committee member of the Hermann Park Conservancy, suggested to the mayor the Midtown TIRZ should annex the park to help maintain its infrastructure.
“We still expect that Hermann Park Conservancy will leverage their private capital fundraising capabilities for park infrastructure and for amenities and other customer-oriented facilities,” Icken said. “That’s not the medical center, and the fact that they're going to do this investment anyway says something,” said Steve Craig, an economics professor at the University of Houston. “There are certainly lots of other medical providers in the city besides the medical center. All this does is give one company a privileged position versus all the rest.”
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