SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for Midtown Redevelopment Authority and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Two (Midtown Zone).
RECOMMENDATION: (Summary)
City Council to adopt an ordinance approving the Fiscal Year 2018 Operating Budget for Midtown Redevelopment Authority and the Fiscal Year 2018 - 2022 CIP Budget for Reinvestment Zone Number Two (Midtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY18 TIRZ budgets. The Administration recommends approval of the FY17 Operating Budget for Midtown Redevelopment Authority (the “Authority”) and the FY18 – FY22 CIP Budget for Reinvestment Zone Number Two (the “Zone”).
• Total Operating Budget for FY18 is $66,869,331 which includes $8,472,753 for required fund transfers and $58,396,578 for Project Costs.
• The FY18 – FY22 CIP totals $114,523,315, and includes provisions for the design and construction of the Midtown Superblock Park, Superblock Parking Garage, Southeast neighborhood street reconstruction and Main Street enhancements.
• The FY18 Operating Budget includes $26,887,219 for capital expenditures and $1,278,378 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 $781,263, to pay for the incremental cost of providing services to the area and $492,737 for supplemental private security services.
Attachments: FY18 Operating Budget and FY18 – FY22 CIP Budget.