SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for Southwest Houston Redevelopment Authority and the Fiscal Years 2018-2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty (Southwest Houston Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2018 Operating Budget for Southwest Houston Redevelopment Authority and the Fiscal Years 2018-2022 Capital Improvement Plan (CIP) for Reinvestment Zone Number Twenty (Southwest Houston 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 Southwest Houston Redevelopment Authority (the “Authority”) and the FY18 - FY22 CIP for Reinvestment Zone Number Twenty (the “Zone”).
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Total Operating Budget for FY18 is $14,884,500 which includes $4,003,063 for required fund transfers and $10,881,437 for Project Costs.
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The FY18 – FY22 CIP Budget totals $37,782,140 and includes provisions for street reconstruction, drainage and detention improvements; redevelopment of Sharpstown Mall, Sharpstown Park and the Lee LeClear Tennis Center.
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The FY18 Operating Budget includes $7,702,660 for capital expenditures and $138,600 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments.
- 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 charge payment in FY17 of $3,561,587 to pay for the incremental cost of providing services to the area
Attachments: FY18 Operating Budget and FY18-FY22 CIP
cc Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney