Ordinance approving the Fiscal Year 2019 Operating Budget for the Hiram Clarke/Fort Bend Redevelopment Authority and a Fiscal Years 2019-2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-Five, City of Houston, Texas (Hiram Clarke/Fort Bend Zone).
RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the Hiram Clarke/Fort Bend Redevelopment Authority and a Fiscal Years 2019-2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-Five, City of Houston, Texas (Hiram Clarke/Fort Bend Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY19 TIRZ budgets. The Administration recommends approval of the FY19 Operating Budget for Hiram Clarke/Fort Bend Redevelopment Authority (the “Authority”) and the FY19 – FY23 CIP Budget for Reinvestment Zone Number Twenty-Five (the “Zone”).
- Total Operating Budget for FY19 is $1,102,636, which includes $45,036 for required fund transfers, and $1,057,600 for project costs.
- The FY19 Operating Budget includes an estimated developer reimbursement of $238,600 for the Hines SW Business Park development.
- The FY19 – FY23 CIP Budget totals $1,480,000 and includes provisions for the design and construction of pedestrian safety, roadway, and intersection improvements.
- The FY19 Operating Budget includes $530,000 for capital expenditures and $142,500 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.
- The FY19 Operating Budget does not have a municipal services charge.
Attachments: FY19 Operating Budgets and FY19 – FY23 CIP Budget.
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Andrew F. Icken, Chief Development Officer