ORDINANCE relating to the Fiscal Affairs of the GREATER GREENSPOINT REDEVELOPMENT AUTHORITY on behalf of Reinvestment Zone Number Eleven, City of Houston, Texas (Greater Greenspoint Zone); approving the Fiscal Year 2015 Operating Budget for the Authority and the Fiscal Years 2015-2019 Capital Improvements Budget for the Zone - DISTRICT B - DAVIS

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

• Total Operating Budget for FY 15 is $12,112,694, which includes $288,306 for required fund transfers and $11,826,388 for Project Costs.
• The FY15 - FY 19 CIP Budget total $44,538,422 and includes provisions for the design and construction of roadways and streets, parks, hike and bike trails, flood remediation infrastructure, environmental remediation, pedestrian safety improvements, and the design and construction of a Police Station.  
• The FY 15 Operation Budget also includes a$6,450,422 for capital expenditures and $229,500 for administration and overhead.  The Authority must advise the Chief Development Officer of any budget amendments.  Adjustments to the budget in excess of $400,000 require City Council approval.