ORDINANCE relating to Fiscal Affairs of HIRAM CLARKE/FORT BEND REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-FIVE, CITY OF HOUSTON, TEXAS (HIRAM CLARKE/FORT BEND ZONE); approving Fiscal Year 2021 Operating Budget for the Authority and Fiscal Years 2021-2025 Capital Improvement Plan Budget for the Zone - DISTRICT K - CASTEX-TATUM

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY21 TIRZ budgets. The Administration recommends approval of the FY21 Operating Budget for Hiram Clarke/Fort Bend Redevelopment Authority (the “Authority”) and the FY21 – FY25 CIP Budget for Reinvestment Zone Number Twenty-Five (the “Zone”).

• Total Operating Budget for FY21 is $5,844,387, which includes $207,257 for required fund transfers as required by the tri-party agreement between the City, the Zone, and the Authority.  The FY21 Operating Budget also includes $5,637,130 for project costs committed to intersection improvements, pedestrian improvements, and gateway enhancements.

• The FY21 Operating Budget includes an estimated developer reimbursement of $237,849 for the Hines SW Business Park development.

• The FY21 – FY25 CIP Budget totals $7,182,975 and includes provisions for the design and construction of pedestrian safety, roadway, and intersection improvements. 

• The FY21 Operating Budget includes $142,306 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.

• The budget includes a municipal services cost payment in FY21 of $130,446 for the incremental cost of providing services to the area.

_________________________________________________________ 

Andrew F. Icken, Chief Development Officer 

________________________________________________________ 

Gwendolyn Tillotson Phone: (832.393.0937)