SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three (Downtown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Three (Downtown 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 Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority (the “Authority”) and FY18 – FY22 CIP for Reinvestment Zone Number Three (the “Zone”).
· Total Operating Budget for FY18 $29,297,349 which includes $7,875,137 for required fund transfers and $21,422,212 for Project Costs.
· The FY18 – FY22 CIP Budget totals $56,380,000, and includes provisions for the design and construction of parks, plazas, Southern Downtown Pocket Park, Walker Street improvements, Southeast sidewalks and Bagby Street improvements.
· The FY18 Operating Budget includes $9,472,000 for capital expenditures and $344,000 for administration and overhead. 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 budget includes a municipal services cost payment in FY18 of $1,065,000 to pay for the incremental cost of providing services to the area and $980,000 for supplemental police services.
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