The TIRZ funds are used for public projects such as public parks, improved street lighting, capital improvements and landscaping enhancements. The MRA solicits new developments and coordinates with City departments and private developers to implement Midtown Houston’s Redevelopment Master Plan. The multi-use nature of the MRA/TIRZ is intended to provide new housing choices as well as employment, education, entertainment, and retail opportunities to residents in Midtown Houston. MRA uses incremental taxes generated in Midtown Houston to provide basic infrastructure improvements and public right of way enhancements as well as financing and management necessary to alleviate deteriorated site conditions and obsolete platting, and encourage growth of residential, commercial/industrial, retail, and institutional uses. This gives the MRA/TIRZ the ability to issue bonds based on the current and anticipated increase in value. Today, the appraised value of property in the district is over $1.6 billion. From the baseline appraised value of $211 million, every increase in value and the taxes it generated is committed to Midtown Houston for 30 years. The MRA/TIRZ have been responsible for physical and capital improvements in Midtown Houston.
The current TIRZ includes approximately 771 acres of land including all annexations within its boundaries, and are all within the City. Efforts to create the TIRZ/MRA started from the community individual property owners and neighborhood institutions petitioned for its existence in order to foster economic development and revitalize Midtown Houston with new construction and the preservation and restoration of existing structures. They were created to redevelop the area aid, assist, and act on behalf of the City in governmental functions and to provide an operating and financing vehicle for implementing the TIRZ Project and Financing Plan. The MRA was created by City Resolution No. The TIRZ was created on Decemby Ordinance No. 2 (TIRZ) are parallel organizations the Boards of Directors for MRA and TIRZ consist of the same nine members. The Midtown Redevelopment Authority (MRA)/Tax Increment Reinvestment Zone No.