Ordinance approving the Fiscal Year 2019 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).
RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY19 TIRZ budgets and recommends approval of the FY19 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Twenty-One (Hardy/Near Northside Zone).
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Total Operating Budget for FY19 is $2,061,777 which includes $275,930 for required fund transfers and $1,785,847 for Project Costs.
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The FY19 – FY23 CIP Budget totals $1,301,960 and includes provisions for the Hernandez Tunnel Rehabilitation.
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The FY19 Operating Budget provides for the transfer of $239,939 to the City’s Housing and Community Development Department for Affordable Housing.
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The FY19 Operating Budget includes $29,250 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.
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The FY19 Operating Budget includes an estimated developer reimbursement of $369,637 for the Hardy Yards development.
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The FY19 Operating Budget does not have a municipal services charge.
Attachments: FY19 Operating Budget, and FY19 – FY23 CIP Budget
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Andrew F. Icken, Chief Development Officer