ORDINANCE relating to the Fiscal Affairs of the SAINT GEORGE PLACE REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER ONE, CITY OF HOUSTON, TEXAS (SAINT GEORGE PLACE ZONE); approving the Fiscal Year 2015 Operating Budget for the Authority and the Fiscal Years 2015-2019 Capital Improvements Budget for the Zone -  DISTRICTS G - PENNINGTON and J - LASTER

The administration has undertaken a comprehensive review of the proposed FY 15 TIRZ budgets and recommends approval of the FY 15 Operating budget for the Saint George Place Redevelopment Authority (the "Authority") and the FY 15 - FY 19 CIP Budget for Reinvestment Zone Number One (the "Zone").

• Total Operating Budget for FY 15 is $3,456,948 which includes $1,434,708 for required fund transfers and $2,022,240 for Project Costs.
• The FY 15 - FY 19 CIP Budget totals $534,007 and includes provisions for the design and construction of pedestrian safety and vehicular safety improvements.
• The FY 15 Operating Budget includes $534,007 for capital expenditures and $54,100 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.