SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2020 - 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 (FY20) Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2020 – 2024 (FY20-FY24) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place 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 Saint George Place Redevelopment Authority (the “Authority”) and the FY20 - FY24 CIP Budget for Reinvestment Zone Number One (the “Zone”).
* Total Operating Budget for FY20 is $10,893,858 which includes $2,804,339 for fund transfers required by the tri-party agreement between the Zone, the Authority and the City and the interlocal agreement between the City, the Zone, the Authority and Houston Independent School District.
* The Operating Budget also includes $6,875,000 for capital expenditures committed to regional flood mitigation, roadway reconstruction, sidewalk replacement and improvements; and $81,900 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 – FY24 CIP Budget totals $32,648,000 and includes provisions for regional flood mitigation, street reconstruction, and sidewalk improvements.
* The FY20 Operating Budget includes a municipal services cost payment in FY20 of $232,718 to pay for the incremental cost of providing services to the area.
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Andrew F. Icken, Chief Development Officer