SUBJECT: Ordinance approving the Fiscal Year 2019 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2019 - 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).
RECOMMENDATION:
City Council to adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown 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 East Downtown Redevelopment Authority (the “Authority”) and the FY19 – FY23 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).
• Total Operating Budget for FY19 is $15,943,157 which includes $1,204,072 for required fund transfers and $14,739,085 for Project Costs.
• The FY19 – FY23 CIP totals $29,659,149 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements and utility upgrades and replacements.
• The FY19 Operating Budget includes $11,964,935 for capital expenditures and $107,500 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendment. Adjustments to the budget in excess of $400,000 require City Council approval.
• The budget includes a municipal services cost payment in FY19 of $313,726 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