SUBJECT: Ordinance approving the Fiscal Year 2019 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and Fiscal Years 2019 -2023 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three, City of Houston, Texas (Downtown Zone).
RECOMMENDATION: (Summary) City Council adopt an ordinance approving the Fiscal Year 2019 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and the Fiscal Years 2019 - 2023 CIP Budget for Reinvestment Zone Number Three, City of Houston, Texas (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 Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority (the “Authority”) and FY19 – FY23 CIP for Reinvestment Zone Number Three (the “Zone”).
• Total Operating Budget for FY19 $28,701,018 which includes $6,398,360 for required fund transfers and $22,302,658 for Project Costs.
• The FY19 – FY23 CIP Budget totals $75,200,000 and includes provisions for the design and construction of Walker Street improvements, Bagby Street improvements, a pocket park in the southern area of downtown and renovations to Jones Plaza.
• The FY19 Operating Budget includes $10,610,000 for capital expenditures and $344,000 for administration and overhead. 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 budget includes a municipal services cost payment in FY19 of $1,065,000 to pay for the incremental cost of providing services to the area and $980,000 for supplemental police services.
Attachments: FY19 Operating Budget and FY19 – FY23 CIP Budget
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Andrew F. Icken, Chief Development Officer