 NASA Area Management District
The NASA Area Management District, outlined in the image, celebrated its first meeting on September 25, 2007. (You can click here to see larger version.) The District was formed in June when Texas Governor Perry signed into law Senate Bill 1999 authorizing its creation. This new governmental entity will:
- Work to enhance the planning and capital improvement efforts
- Will be an important economic development tool to invigorate all the commercial areas of the City and NASA Parkway.
Board of Directors. Members are property owners within the District and/or individuals with expertise in some areas of value to the District.
At its first meeting the Board:
- Approved the levying of a one-quarter cent sales tax, to be used to sustain the planning and capital improvement efforts in the City’s revitalization plan.
- Selected Allen Boone Humphries Robinson LLP as the legal counsel and Marsh Darcy Partners as the economic development advisors to the Management District.
Benefits of the NASA Area Management District
Quality redevelopment in the areas of our management district provides a number of benefits to our City:
First, new commercial development would increase the value of commercial properties and increase sales tax revenues, with reduced burden on residents.
Second, additional “high-end” waterfront single-family condominiums would increase property tax revenues, with possible reductions in the property tax rate.
Third, more residences increases “retail mass” which will support attracting quality retail operations, and possibility attract a new grocery operation, something long desired by our residents.
Fourth, a bold, “new” look and feel for the City that returns Nassau Bay to a position of prominence in the Bay Area.
And finally, it assists in achieving the City’s VISION 2020 adopted by Council.
Impact on Taxes
This chart below reflects the values of commercial and residential properties. Our residential areas are doing well, but the trend in our commercial areas needs to be reversed. For many years our residential properties contributed about 50% of the City’s ad valorem tax revenues. Today they contribute about 67%. Reversing this trend and helping our commercial properties in today’s economic environment is our City’s most urgent task.
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