SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for City Park Redevelopment Authority on behalf of Reinvestment Zone Number Twelve, City of Houston, Texas (City Park Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 Operating Budget for City Park Redevelopment Authority on behalf of Reinvestment Zone Number Twelve (City Park Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY20 TIRZ budgets and recommends approval of the FY20 Operating Budget for City Park Redevelopment Authority (the Authority) on behalf of Reinvestment Zone Number Twelve (City Park Zone).
- Total Operating Budget for FY20 is $854,881 which includes $249,807 for fund transfers to the City of Houston and Houston Independent School District (Houston ISD) as required by the tri-party agreement (an agreement between the City, the City Park Zone and the Authority) and the interlocal agreement (an agreement between the City, the City Park Zone, the Authority and Houston ISD).
- The Operation Budget allocates $605,074 for Project Costs, which include an estimated developer reimbursement of $515,974 for roadway and intersection improvements constructed in the East TC Jester area and $39,100 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.
- The FY20 Operating Budget does not have a municipal services charge; the City Park Zone does not have a Capital Improvement Plan (CIP) Budget.
________________________________________________
Andrew F. Icken, Chief Development Officer