| | | | | | | |  |
CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/9/2020
District H
Item Creation Date:
MYR - FY21 TIRZ 21 Hardy/Near Northside
Agenda Item#: 31.
| |
|
| | | | | | | | Summary:
ORDINANCE relating to the Fiscal Affairs of the HARDY/NEAR NORTHSIDE REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-ONE, CITY OF HOUSTON, TEXAS (HARDY/NEAR NORTHSIDE ZONE); approving the Fiscal Year 2021 Operating Budget for the Authority and the Fiscal Years 2021-2025 Capital Improvements Budget for the Zone - DISTRICT H - CISNEROS |
| | | | | | | | Background:
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY21 TIRZ budgets and recommends approval of the FY21 Operating Budget for the Hardy/Near Northside Redevelopment Authority (the Authority) and the Fiscal Years 2021 - 2025 CIP Budget for Tax Increment Reinvestment Zone Number Twenty-One (Hardy/Near Northside Zone).
- Total Operating Budget for FY21 is $1,253,980 which includes $301,676 for fund transfers required by the tri-party agreement and the affordable housing agreements between the City, the Hardy/Near Northside Zone, and the Authority.
- The FY21 Operating Budget project costs total $952,304, including an estimated developer reimbursement of $447,054 for street and intersection improvements as well as planning and engineering services for the Hardy Yards development. Other project costs include $58,250 for administration and overhead.
- The FY21 – FY25 CIP Budget totals $817,000 and includes provisions for English Street Park and street/sidewalk replacements.
- The FY21 Operating Budget provides for the transfer of $262,327 to the City’s Housing and Community Development Department for Affordable Housing.
- The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.
The FY21 Operating Budget does not have a municipal services charge.
_________________________________________________________
Andrew F. Icken, Chief Development Officer |
| | | | | | | | Prior Council Action:
Ord. No. 2019-802, 10/16/2019 |
| | | | | | | | Amount and Source of Funding:
No funding required. |
| | | | | | | | Contact Information:
________________________________________________________
Gwendolyn Tillotson Phone: (832.393.0937) |
|