SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2020 - 2024 Capital Improvement Plan (CIP) Budget for Tax Increment Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2020 - 2024 CIP Budget for Tax Increment Reinvestment Zone Number Twenty-One, Houston, Texas (Hardy/Near Northside 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 the Hardy/Near Northside Redevelopment Authority (the Authority) and the Fiscal Years 2020 - 2024 CIP Budget for Tax Increment Reinvestment Zone Number Twenty-One (Hardy/Near Northside Zone).
- Total Operating Budget for FY20 is $997,261 which includes $272,405 for fund transfers required by the tri-party agreement and the affordable housing agreements between the City, the Hardy/Near Northside Zone, and the Authority.
- The FY20 Operating Budget project costs total $724,856, including an estimated developer reimbursement of $391,967 for street and intersection improvements as well as planning and engineering services for the Hardy Yards development. Other project costs included $246,639 for the Near Northside Hernandez Tunnel Rehabilitation project and $31,250 for administration and overhead.
- The FY20 – FY24 CIP Budget totals $396,639 and includes provisions for the Hernandez Tunnel Rehabilitation.
- The FY20 Operating Budget provides for the transfer of $236,874 to the City’s Housing and Community Development Department for Affordable Housing.
- The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.
- The FY20 Operating Budget does not have a municipal services charge.
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Andrew F. Icken, Chief Development Officer