SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Fifth Ward Redevelopment Authority and a Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eighteen (Fifth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the Fifth Ward Redevelopment Authority and a Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Eighteen (Fifth Ward 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 Fifth Ward Redevelopment Authority (Authority) and the FY18 – FY22 CIP Budget for Tax Increment Reinvestment Zone Number Eighteen (Zone).
- Total Operating Budget for FY18 is $8,605,421 which includes $514,274 for required fund transfers and $8,091,147 for Project Costs.
- The FY18 Operating Budget includes $7,243,047 in Developer Reimbursements primarily funded by the General Land Office (GLO).
- The FY18 – FY22 CIP Budget for the Zone totals $2,013,500 for affordable housing (land acquisition, design, and construction), sidewalks, cultural facilities, historic preservation and community parks.
- The FY18 Operating Budget includes $633,500 for capital expenditures and $214,600 for administration and overhead.
- The FY18 Budget provides for the transfer of $152,723 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 the lesser of $400,000 or 5% of Project Costs require City Council approval.
- The FY18 operating budget does not have a municipal service charge.
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