SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Uptown Development Authority and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (Uptown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the Uptown Development Authority and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (Uptown 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 Uptown Development Authority (the “Authority”) and the Fiscal Years 2018 – 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (the “Zone”).
- Total Operating Budget for FY18 is 107,622,287 which includes $28,208,839 for required fund transfers and $79,412,448 for Project Costs.
- The FY18 – FY22 CIP totals $172,450,000 and includes provisions for the design and construction of a multi modal transit terminal, development and implementation of a master plan for Memorial Park and infrastructure upgrades.
- The FY18 Operating Budget includes $62,850,000 for capital expenditures and $708,000 for administration and overhead.
- The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed $400,000 require City Council approval.
- The budget includes a municipal services cost payment in FY18 of $5,272,994 to pay for the incremental cost of providing services to the area and $250,000 for supplemental debt service payments.
Attachments: FY18 Operating Budgets and FY18 – FY22 CIP Budget
CC:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Sr. Assistant City Attorney