O2019-0921 ORDINANCE relating to the Fiscal Affairs of the GREATER GREENSPOINT REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER ELEVEN, CITY OF HOUSTON, TEXAS (GREENSPOINT ZONE); approving Fiscal Year 2020 Operating Budget for the Authority and Fiscal Years 2020-2024 Capital Improvement Plan Budget for the Zone - DISTRICT B - DAVIS

SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for the Greater Greenspoint Redevelopment Authority and the Fiscal Years 2020 – 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eleven, City of Houston, Texas (Greater Greenspoint Zone).

RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2020 Operating Budget for the Greater Greenspoint Redevelopment Authority and the Fiscal Years 2020 – 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eleven, City of Houston (Greenspoint 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 Greater Greenspoint Redevelopment Authority (the “Authority”) and the Fiscal Years 2020 – 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eleven (the “Zone”).

• Total Operating Budget for FY20 is $19,488,786 which includes $2,897,377 for required fund transfers, and $16,591,409 for project costs committed to the completion of the North Houston Bike Park project, the design of the Greenspoint Public Safety Campus, and debt service payments.

• The FY20 Operating Budget includes $272,500 for administration and overhead; and a municipal services cost payment of $2,561,519 to pay for the incremental cost of providing services to the area.

• The FY20 – FY24 CIP Budget totals $40,245,000 and includes provisions for street and drainage improvements, park improvements, streetscape improvements, erosion control, and a Public Safety Campus.

• 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.

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Andrew F Icken, Chief Development Officer

_____ Gwendolyn F. Tillotson

Phone: (832) 393-0937