SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2017 - 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2017 - 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for the Gulfgate Redevelopment Authority (the Authority) and the approval of the FY17 - FY21 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
Total Operating Budget for FY17 is $6,310,446 which includes $689,115 for required fund transfers and $5,621,331 for Project Costs.
The FY17 - FY21 CIP Budget totals $4,217,000 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
The FY17 Operating Budget includes $702,000 for capital expenditures and $59,250 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed $400,000 require City Council approval.
The FY17 Operating Budget does not have a municipal services charge.
Attachments: FY17 Operating Budget and FY17- FY21 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney