ORDINANCE relating to the Fiscal Affairs of the MEMORIAL-HEIGHTS REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER FIVE, CITY OF HOUSTON, TEXAS (MEMORIAL HEIGHTS ZONE); approving the Fiscal Year 2019 Operating Budget for Authority and the Fiscal Years 2019-2023 Capital Improvement Projects Budget for the Zone - DISTRICTS C - COHEN and H - CISNEROS

SUBJECT:  Ordinance approving the Fiscal Year 2019 Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Projects (CIP) Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone). 

RECOMMENDATION: City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights 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 Memorial-Heights Redevelopment Authority (the Authority) and approval of the FY19 – FY23 CIP Budget for Tax Increment Reinvestment Zone Number Five (Memorial Heights Zone).

• Total Operating Budget for FY19 is $4,613,007 which includes $507,853 for required fund transfers and $4,105,154 for Project Costs.

   

• The FY19 – FY23 CIP Budget totals $103,343,000 and includes provisions for the design and construction of pedestrian bridges, reconstruction of streets, hike and bike trails, park improvements and flood remediation infrastructure on the White Oak Bayou. 

   

• The FY19 Operating Budget includes $3,635,000 for capital expenditures and $153,500 for administration and overhead.  The Authority must advise the Chief Development Officer of any budget amendments.  Adjustments to the budget of $400,000 or more require City Council approval.

   

• The FY19 Operating Budget includes a municipal services cost payment of $160,652 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

Gwendolyn F. Tillotson                           

 Phone:  (832) 393-0937