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 2015 Operating Budget for the Authority and the Fiscal Year 2015-2019 Capital Improvements Budget for the Zone - DISTRICT D - BOYKINS

The Administration has undertaken a comprehensive review of the proposed FY15 TIRZ budgets and recommends approval of the FY 15 Operating Budget for the OST/Almeda Corridors Redevelopment Authority (the Authority) and the approval of the FY 15 - FY 19 CIP Budget for Reinvestment Zone Number Seven (the Zone).

• Total Operating Budget for FY 15 is $43,617,911, which includes $2,007,574 for required fund transfers and $41,610,337 for Project Costs.
• The FY 15 - FY 19 Budget totals $61,931,746, and includes provisions for the design and construction of roadways and streets, parks, landscaping, cultural and public facilities improvements and land acquisition.
• The FY 15 Operating Budget includes $38,725,017 for capital expenditures and $383,861 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 FY 15 Operating Budget includes a municipal services cost payment of $599,200 to the City to pay for the incremental cost of providing services to the area.