Committee briefed on plan to form Houston‑Harris County LGC to issue TIRZ bonds

At a meeting of the Houston City Council Economic Development Committee, Assistant Director Jennifer Curley of the Mayor’s Office of Economic Development briefed members on a proposal to create a Houston‑Harris County Local Government Corporation (LGC) that would allow tax‑increment revenues from the Greater Houston Tax Increment Reinvestment Zone (TIRZ) to flow into a single fund for issuing bonds.

The briefing explained the LGC would receive tax increment, pay debt service and required reserves, reimburse developer payments, cover operating costs such as trustee and financial advisory fees, and then remit any remaining funds to city and Harris County project funds. "We are seeking council's approval on creating an LGC structure that allows for increment to go into the same fund for the purpose of issuing bonds and setting up debt instruments," Curley said.

The committee was given context for the proposal. Curley said City Council originally approved creation of the Greater Houston TIRZ in 2012 to attract private investment to develop roughly…