The Nassau Bay Redevelopment Authority, or the Authority, is a Local Government Corporation, owned by Nassau Bay and created in accordance with the powers granted cities in Chapter 431, Subchapter D, of the Texas Transportation Code. The Authority is a separate, nonprofit corporate entity from the City, but it is subject to the Open Meetings and Open Records Acts and is exempt from property and sales tax.
The Authority was created to “aid, assist, and act on behalf of the City in the performance of its governmental functions to promote, manage, and finance the redevelopment of the City’s commercial areas and waterfront; and to promote the common good and general welfare of the City’s commercial areas and waterfront; and to promote, develop, encourage, and maintain employment, commerce, and economic development in Nassau Bay; and to perform the other purposes described in the Articles of Incorporation.”
The Authority is governed by a city-appointed board of directors. The Authority is working hand in hand with the Tax Increment Reinvestment Zone (TIRZ) in promoting the redevelopment of the City’s commercial areas.
The Authority provides the City with flexibility in the implementation of the TIRZ; it can issue debt on it's own behalf that is not an obligation of the City, and it can contract with developers and consultants to develop projects that increase taxable value within the TIRZ.