Kingwood’s Northpark project is a go. After a surprise curve ball thrown at the Lake Houston Redevelopment Authority/Tax Increment Reinvestment Zone 10 (TIRZ) last month, the City of Houston and Mayor Sylvester Turner did an about-face.
Last month, TIRZ members were stunned to learn that the city wanted one-third of its revenue to pay for affordable housing in return for extending the life of the TIRZ. An extended life is necessary in order for the TIRZ to have enough borrowing power to pay for the $60 million Northpark project. Without an extension, the two-part project was not going to happen.