ORDINANCE relating to the fiscal affairs of the OLD SPANISH TRAIL/ALMEDA CORRIDORS  REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER SEVEN, CITY OF HOUSTON, TEXAS (OLD SPANISH TRAIL/ALMEDA CORRIDORS ZONE); approving the Fiscal Year 2018 Operating Budget for the Authority and the Fiscal Years 2018-2022 Capital Improvements Budget for the Zone - DISTRICT D - BOYKINS

SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the OST/Almeda Corridors Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seven (OST/Almeda Corridors Zone). 

RECOMMENDATION: (Summary)

City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the OST/Almeda Corridors Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Seven (OST/Almeda Corridors Zone).

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY18 TIRZ budgets and recommends the approval of the FY18 Operating Budget for the OST/Almeda Corridors Redevelopment Authority (the Authority) and the approval of the FY18 - FY22 CIP Budget for Reinvestment Zone Number Seven (the OST/Almeda Corridors Zone).

• Total Operating Budget for FY18 is $19,561,676 which includes $2,805,313 for required fund transfers and $16,756,363 for Project Costs.

   

• The FY18 - FY22 CIP Budget totals $109,000,087 and includes provisions for the design and construction of roadways and streets, parks, landscaping, cultural and public facilities improvements and land acquisition. 

   

• The FY18 Operating Budget includes $12,169,383 for capital expenditures and $521,765 for administration and overhead.  The FY18 Budget also includes $482,951 in developer reimbursements.  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 FY18 Operating Budget includes an Enhanced Public Safety Service fee of $150,000 and municipal services cost payment of $887,566 to the City 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