ORDINANCE relating to the Fiscal Affairs of the UPTOWN REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER SIXTEEN, City of Houston, Texas (Uptown Zone); approving the Fiscal Year 2019 Operating Budget for the Authority and the Fiscal Years 2019-2023 Capital Improvements Budget for the Zone - DISTRICTS C - COHEN; G - TRAVIS and J - LASTER

SUBJECT: Ordinance approving the Fiscal Year 2019 Operating Budget for the Uptown Development Authority and the Fiscal Years 2019 – 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown Zone).

RECOMMENDATION: 

City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for the Uptown Development Authority and the Fiscal Years 2019 – 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown 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 Uptown Development Authority (the “Authority”) and the Fiscal Years 2019 – 2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (the “Zone”).

• Total Operating Budget for FY19 is $127,695,156 which includes $28,546,587 for required fund transfers and $99,148,569 for Project Costs.
• The FY19 – FY23 CIP totals $163,085,718 and includes provisions for the design and construction of a multi modal transit terminal, development and implementation of a master plan for Memorial Park and infrastructure upgrades.
• The FY19 Operating Budget includes $82,160,000 for capital expenditures and $343,000 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 $400,000 require City Council approval.
• The budget includes a municipal services cost payment in FY19 of $5,272,994 to pay for the incremental cost of providing services to the area and $250,000 for supplemental debt service payments.

Attachments: FY19 Operating Budgets and FY19 – FY23 CIP Budget

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Andrew F. Icken, Chief Development Officer

Ord. No. 2017-0925, 11/29/17

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Gwendolyn F. Tillotson            Phone: (832) 393-0937