ORDINANCE relating to the Fiscal Affairs of the MEMORIAL-HEIGHTS REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER FIVE, CITY OF HOUSTON, TEXAS (MEMORIAL HEIGHTS ZONE); approving the Fiscal Year 2018 Operating Budget for the Authority and the Fiscal Years 2018-2022 Capital improvement Projects Budget for the Zone DISTRICTS C - COHEN; G - TRAVIS and H - CISNEROS

SUBJECT:  Ordinance approving the Fiscal Year 2018 Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Projects (CIP) Budget for Reinvestment Zone Number Five (Memorial Heights Zone). 

RECOMMENDATION: (Summary)

City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Five (Memorial Heights 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 Memorial-Heights Redevelopment Authority (the Authority) and approval of the FY18 – FY22 CIP Budget for Tax Increment Reinvestment Zone Number Five (Memorial Heights Zone).

• Total Operating Budget for FY18 is $4,360,470 which includes $391,316 for required fund transfers and $3,969,154 for Project Costs.

   

• The FY18 – FY22 CIP Budget totals $62,870,000, and includes provisions for the design and construction of pedestrian bridges, reconstruction of streets, hike and bike trails, park improvements and flood remediation infrastructure on the White Oak Bayou. 

   

• The FY18 Operating Budget includes $3,500,000 for capital expenditures and $152,500 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 FY18 Operating Budget includes a municipal services cost payment in FY18 of $160,652 to pay for the incremental cost of providing services to the area.

   

   

  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

No funding required

Gwendolyn F. Tillotson         Phone:  (832) 393-0937