ORDINANCE relating to the Fiscal Affairs of LELAND WOODS REDEVELOPMENT AUTHORITY on behalf of Reinvestment Zone Number Twenty-Two, City of Houston, Texas (Leland Woods Zone); approving the Fiscal Year 2015 Operating Budget for the Zone - DISTRICT B - DAVIS

ORDINANCE approving the Fiscal Year 2015 Operating Budget for  of the Leland Woods Redevelopment Authority 

RECOMMENDATION: (Summary)

City Council adopt an ordinance approving the Fiscal Year 2015 Operating Budget for Leland Woods Redevelopment Authority.

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of proposed FY15 TIRZ budgets and recommends approval of the FY15 Operating Budget for Leland Woods Redevelopment Authority (the Authority).

Total Operating Budget for FY15 is $91,874, which includes $757 for required fund transfers and $91,117 for Project Costs.

The FY15 Operating Budget includes $32,117 for administrative and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lessor of $400,000 or 5% of project costs require City Council approval.

Date and identification of prior authorizing Council Action:

Ord. No. 2013-0987, 11/06/13