SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Hardy Yards/Near Northside Redevelopment Authority and the Fiscal Years 2017 - 2021 Capital Improvement Projects (CIP) Budget for Reinvestment Zone Number Twenty-One (Hardy Yards/Near Northside Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for the Hardy Yards/Near Northside Redevelopment Authority and the Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Twenty-One (Hardy Yards/Near Northside Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for the Hardy Yards/Near Northside Redevelopment Authority and the Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Twenty-One (Hardy Yards/Near Northside Zone).
Total Operating Budget for FY17 is $4,689,019 which includes $117,651 for required fund transfers and $4,571,368 for Project Costs.
The FY17 – FY21 CIP Budget totals $382,600, and includes provisions for the design and construction of pedestrian pathways and hike and bike trails pursuant to the commitment to be a funding partner for the TIGER 3 grant application.
The FY17 Operating Budget provides for the transfer of $102,305 to the City’s Housing and Community Development Department for Affordable Housing.
The FY17 Operating Budget includes $46,250 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget of $400,000 or more require City Council approval.
The budget includes an estimated developer reimbursement of $4,027,518 for the Hardy Yards development.
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