SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for the Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY18 - FY22 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
-
Total Operating Budget for FY18 is $5,188,411 which includes $1,217,157 for required fund transfers and $3,971,254 for Project Costs.
-
The FY18 Operating Budget includes an estimated developer reimbursement of $35,000 for the Verdes Communities on Broadway St.
-
The FY18 - FY22 CIP Budget totals $7,450,000 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
-
The FY18 Operating Budget includes $3,209,000 for capital expenditures and $89,550 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.
Attachments: FY18 Operating Budget and FY18- FY22 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney