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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 10/2/2018
District D
Item Creation Date: 8/13/2018
MYR - TIRZ 7 OST/Almeda FY19 Budget
Agenda Item#: 19.
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| | | | | | | | Summary:
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 2019 Operating Budget for the Authority and the Fiscal Years 2019-2023 Capital Improvements Budget for the Zone - DISTRICT D - BOYKINS |
| | | | | | | | Background:
Ordinance approving the Fiscal Year 2019 Operating Budget for the OST/Almeda Corridors Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seven, City of Houston, Texas (OST/Almeda Corridors Zone).
RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the OST/Almeda Corridors Redevelopment Authority and the Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Seven, City of Houston (OST/Almeda Corridors Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY19 TIRZ budgets and recommends the approval of the FY19 Operating Budget for the OST/Almeda Corridors Redevelopment Authority (the Authority) and the approval of the FY19 - FY23 CIP Budget for Reinvestment Zone Number Seven (the OST/Almeda Corridors Zone).
- Total Operating Budget for FY19 is $20,694,972 which includes $2,839,734 for required fund transfers and $17,855,238 for Project Costs.
- The FY19 - FY23 CIP Budget totals $109,000,087 and includes provisions for the design and construction of roadways and streets, parks, landscaping, cultural and public facilities improvements and land acquisition.
- The FY19 Operating Budget includes $12,169,383 for capital expenditures and $451,765 for administration and overhead. The FY19 Budget also includes $482,951 in developer reimbursements. 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 FY19 Operating Budget includes an Enhanced Public Safety Service fee of $150,000 and municipal services cost payment of $887,566 to the City to pay for the incremental cost of providing services to the area.
Attachments: FY19 Operating Budget and FY19 - FY23 CIP Budget
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Andrew F. Icken, Chief Development Officer |
| | | | | | | | Prior Council Action:
Ordinance 2017 - 837; October 25, 2017 |
| | | | | | | | Amount and Source of Funding:
No funding required |
| | | | | | | | Contact Information:
Gwendolyn F. Tillotson
Phone: (832) 393-0937 |
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