City Selling Its Downtown HPD Headquarters, Preventing Jailer Layoffs
For sale or lease: HPD HQ
The city and the HPD pension plan also agreed to allow the city to defer payment of $17 million of its 2012 payment obligation and another $8.5 million in 2013.
"This allows us to avoid laying off any police officers or jailers," Parker said. "Like the Houston Police Officers' Union, HPOPS understands the gravity of what the city is facing and has been willing to work with us on finding solutions. 1200 Travis is not functional and we were already beginning discussions regarding its potential sale and the need for a new police headquarters. We can use the equity in that asset to help us bridge the budget gap for FY2012."
The city has been talking about moving out of 1200 Travis and 61 Riesner for years, but not much has come of it.
Maybe this time will be different.
The agreement with HPOPS [the pension plan] requires the city to put 1200 Travis on the market for sale/lease back in January 2012. The deferred payments would be paid back to HPOPS at 8.5 percent interest from the proceeds of the sale of the building, or earlier if the City so elects. This interest rate represents the required return on all HPOPS investments and inures to the City's benefit as it must fund the system in any event.
Rice Owls Mens Basketball vs. St. Thomas University Men's Basketball
TicketsWed., Dec. 21, 7:00pm
Advocare V100 Texas Bowl
TicketsWed., Dec. 28, 8:00pm
Rice Owls Mens Basketball vs. Middle Tennessee State Univ Blue Raiders Mens Basketball
TicketsThu., Jan. 5, 7:00pm
PRCA XTreme Bulls
TicketsFri., Jan. 6, 7:30pm
"We have a demonstrated track record of working with the city," said HPOPS Vice Chairman Ralph Marsh.
The deal comes on the heels of an agreement with the firefighters, one that also precluded layoffs.
The 273 jailers who would have been laid off are civilians, but would have had to be replaced by HPD officers, the city said.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Houston, delivered to your inbox Monday through Friday.