SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for Leland Woods Redevelopment Authority on behalf of Reinvestment Zone Number Twenty – Two (Leland Woods Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 Operating Budget for Leland Woods Redevelopment Authority on behalf of Reinvestment Zone Number Twenty – Two (Leland Woods Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY20 TIRZ budgets and recommends approval of the FY20 Operating Budget for Leland Woods Redevelopment Authority (the Authority) on behalf of Reinvestment Zone Number Twenty – Two (Leland Woods Zone).
- Total Operating Budget for FY20 is $72,390, which includes $4,340 for fund transfers as required by the tri-party agreement between the City, the Leland Woods Zone and the Authority; $68,050 for Project Costs committed to an estimated developer reimbursement of $15,750 for street and sidewalk improvements.
- The FY20 Operating Budget includes $29,300 for administration and overhead.
- The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget of $400,000 or more require City Council approval.
- The FY20 Operating Budget does not have a municipal services charge; the Leland Woods Zone does not have a Capital Improvement Plan (CIP) Budget.
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Andrew F. Icken, Chief Development Officer