ORDINANCE relating to the Fiscal Affairs of the MAIN STREET/MARKET SQUARE REDEVELOPMENT AUTHORITY d/b/a DOWNTOWN REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER THREE, City of Houston, Texas (Main Street/Market Square Zone); approving the Fiscal Year 2020 Operating Budget for the Authority and the Fiscal Years 2020-2024 Capital Improvement Projects Budget for the Zone - DISTRICTS C - COHEN; H - CISNEROS and I - GALLEGOS

SUBJECT: Ordinance approving the Fiscal Year 2020 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and Fiscal Years 2020 -2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three, City of Houston, Texas (Downtown Zone).


RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2020 (FY20) Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and the Fiscal Years 2020 – 2024 (FY20 – FY24) CIP Budget for Reinvestment Zone Number Three, City of Houston, Texas (Downtown 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 Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority (the “Authority”) and FY20 – FY24 CIP for Reinvestment Zone Number Three (the “Zone”).

• Total Operating Budget for FY20 $39,152,734 which includes $6,249,492 for required fund transfers and $32,903,242 for Project Costs committed to the redevelopment of Jones Plaza, the construction of Bagby Street Improvements, the construction of a pocket park downtown near newly constructed multi-family units, Buffalo Bayou Park from Shepherd to Sabine, and Downtown Living Initiative developer reimbursements for the construction of multi-family residential in downtown Houston.

• The FY20 Operating Budget includes $385,000 for administration and overhead and a municipal services cost payment in FY20 of $1,065,000 to pay for the incremental cost of providing services to the area and $980,000 for supplemental police services.

• The FY20 – FY24 CIP Budget totals $82,120,000 and includes provisions for the design and construction of Walker Street improvements, Bagby Street improvements, a pocket park in the southern area of downtown and renovations to Jones Plaza.

• The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed $400,000 require City Council approval.


__________________________________________________________________
Andrew F Icken, Chief Development Officer

________ Gwendolyn Tillotson     

Phone. 832.393.0937