ORDINANCE relating to the Fiscal Affairs of the HARDY/NEAR NORTHSIDE REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER TWENTY-ONE, CITY OF HOUSTON, TEXAS (HARDY/NEAR NORTHSIDE ZONE); approving the Fiscal Year 2018 Operating Budget for the Authority and the Fiscal Years 2018-2022 Capital Improvement Plan Budget for the Zone - DISTRICT H - CISNERO

TAGGED BY COUNCIL MEMBER EDWARDS

This was Item 33 on Agenda of October 18, 2017

SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the Hardy Yards/Near Northside Redevelopment Authority on behalf of Reinvestment Zone Number Twenty-One (Hardy Yards/Near Northside Zone) and the Fiscal Years 2018-2022 Capital Improvement Plan Budget for the Zone. 

RECOMMENDATION: (Summary)

City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the Hardy Yards/Near Northside Redevelopment Authority on behalf of Reinvestment Zone Number Twenty-One (Hardy Yards/Near Northside Zone) and the Fiscal Years 2018-2022 Capital Improvement Plan Budget for the Zone.

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of proposed FY18 TIRZ budgets and recommends approval of the FY18 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2018 - 2022 CIP Budget for Tax Increment Reinvestment Zone Number Twenty-One, Houston, Texas (Hardy/Near Northside Zone).

• Total Operating Budget for FY18 is $2,543,966 which includes $262,070 for required fund transfers and $2,281,896 for Project Costs.

   

• The FY18 – FY22 CIP Budget totals $1,286,961, and includes provisions for the Hernandez Tunnel Rehabilitation with funding from Ike Recovery Funds grant. 

   

• The FY18 Operating Budget provides for the transfer of $227,887 to the City’s Housing and Community Development Department for Affordable Housing.

   

• The FY18 Operating Budget includes $46,250 for administration and overhead.  The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.

   

• The FY 18 Operating Budget includes an estimated developer reimbursement of $878,685 for the Hardy Yards development.

• The FY18 Operating Budget does not have a municipal services charge.

   

   

  Attachments: FY18 Operating Budget, and FY18 – FY22 CIP Budget

            Anna Russell, City Secretary

            Ronald Lewis, City Attorney

            Gary Dzierlenga, Senior Assistant City Attorney

No funding required

Gwendolyn Tillotson                                  Phone:  (832) 393-0937