SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2020 - 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fourteen, City of Houston, Texas (Fourth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an Ordinance approving the Fiscal Year 2020 (FY20) Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2020 - 2024 (FY20 – FY24) CIP Budget for Reinvestment Zone Number Fourteen, City of Houston, Texas (Fourth Ward Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY20 TIRZ budgets and recommends approval of the FY20 Operating Budget for the Fourth Ward Redevelopment Authority (Authority) and the FY20 – FY24 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
• The Total Operating Budget for FY20 is $11,847,274, which includes $2,899,902 for required fund transfers and $8,947,372 for Project Costs primarily committed to the roadway reconstruction and streetscape enhancement of multiple neighborhood streets in the Fourth Ward area.
• The FY20 Operating Budget also includes $251,300 for administration and overhead and a municipal services cost payment of $98,501 for the incremental cost of providing services to the area.
• The FY20 – FY24 CIP for the Zone totals $33,383,872. The CIP includes provisions for the design and construction of roadway and street reconstruction, pedestrian amenities, utility replacements/upgrades and historical monuments.
• The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget in excess of $400,000 require City Council approval.
_________________________________________________________
Andrew F Icken, Chief Development Officer