O2019-0922 ORDINANCE relating to the Fiscal Affairs of the UPTOWN REDEVELOPMENT AUTHORITY on behalf of REINVESTMENT ZONE NUMBER SIXTEEN, CITY OF HOUSTON, TEXAS (UPTOWN ZONE); approving the Fiscal Year 2020 Operating Budget for the Authority and the Fiscal Years 2020-2024 Capital Improvements Budget for the Zone - DISTRICTS C - COHEN; G - TRAVIS and  J - LASTER

SUMMARY: Ordinance approving the Fiscal Year 2020 Operating Budget for the Uptown Development Authority and the Fiscal Years 2020 – 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown Zone).

RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2020 (FY20) Operating Budget for the Uptown Development Authority and the Fiscal Years 2020 – 2024 (FY20 – FY24) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown 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 Uptown Development Authority (the “Authority”) and the Fiscal Years 2020 – 2024 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (the “Zone”).

• Total Operating Budget for FY20 is $74,868,116 which includes $27,880,831 for required fund transfers and $46,987,285 for Project Costs committed to the completion of the Post Oak Boulevard reconstruction project and the Uptown Transit Center. The Operating Budget includes funding committed to redevelopment and implementation of the Memorial Park Master Plan.

• The FY20 Operating Budget also includes $343,000 for administration/overhead and a municipal services cost payment in FY20 of $5,272,994 to pay for the incremental cost of providing services to the area and $250,000 for supplemental debt service payments.

• The FY20 – FY24 CIP totals $114,262,750 and includes provisions for the design and construction of a multi modal transit terminal, development and implementation of a master plan for Memorial Park and infrastructure upgrades.

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


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Andrew F. Icken, Chief Development Officer

_____ Gwendolyn Tillotson     

Phone: 832.393.0937