SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Fifth Ward Redevelopment Authority and a Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eighteen (Fifth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for the Fifth Ward Redevelopment Authority and a Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Eighteen (Fifth Ward 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 Fifth Ward Redevelopment Authority (Authority) and the FY17 – FY21 CIP Budget for Tax Increment Reinvestment Zone Number Eighteen (Zone).
Total Operating Budget for FY17 is $8,138,123 which includes $284,476 for required fund transfers and $7,853,647 for Project Costs.
The FY17 – FY21 CIP Budget for the Zone totals $751,000 for affordable housing related expenditures such as land acquisition, design, and construction as well as cultural facilities and parks.
The FY17 Operating Budget includes $396,000 for capital expenditures and $92,800 for administration and overhead. The FY17 Budget provides for the transfer of $134,593 to the City’s Housing and Community Development Department for Affordable Housing.
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 service 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