ORDINANCE relating to the Fiscal Affairs of LAKE HOUSTON REDEVELOPMENT AUTHORITY on behalf of Reinvestment Zone Number Ten, City of Houston, Texas (Lake Houston Zone); approving the Fiscal Year 2015 Operating Budget for the Authority and the Fiscal Year 2015-2019 Capital Improvement Projects Budget for the Zone - DISTRICT E - MARTIN

The Administration has undertaken a comprehensive review of the proposed FY 15 TIRZ budgets and recommends approval of the FY 15 Operating Budget for the Lake Houston Redevelopment Authority and FY 15 - FY 19 CIP Budget for Tax Increment Reinvestment Zone Number Ten (Lake Houston Zone).

• Total Operating Budget for FY 15 is $12,418,181, which includes $9,595,405 for required fund transfers and $2,822,776 for Project Costs.
• The FY 15 Operating Budget includes $46,150 for administration and overhead.  The Zone must advise the Chief Development Officer of any budget amendments.  Adjustments to the budget that exceed the lessor of $400,000 or 5% of project costs require City Council approval.
• The budget includes a municipal services cost payment in FY 15 of $490,000 to pay for the incremental costs of providing services in the area of the Zone