SUBJECT:
Ordinance approving the Fiscal Year 2020 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2020 - 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight, City of Houston (Gulfgate Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2020 - 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate 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 Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY20 - FY24 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
Total Operating Budget for FY20 is $13,668,079 which includes $1,417,698 for required fund transfers required by the tri-party agreement between the Zone, Authority and the City and interlocal agreement between the Zone and Houston Independent School District. The Operating Budget also includes $11,589,000 for Project Costs committed to corridor mobility projects, an intersection improvement project, and trail connection projects that will improve the quality of life in the community.
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The FY20 Operating Budget does not include developer reimbursements.
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The FY20 - FY24 CIP Budget totals $27,713,000 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
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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 has a municipal services charge of $507,330.
Attachments: FY20 Operating Budget and FY20 - FY24 CIP Budget
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Andrew F. Icken, Chief Development Officer