ORDINANCE relating to Fiscal Affairs of EAST DOWNTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER FIFTEEN, CITY OF HOUSTON, TEXAS (EAST DOWNTOWN ZONE); approving Fiscal Year 2021 operating budget for the Authority and Fiscal Years 2021-2025 Capital Improvement Projects Budget for the Zone - DISTRICT I - GALLEGOS

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 East Downtown Redevelopment Authority (the “Authority”) and the FY21 – FY25 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).

•  Total Operating Budget for FY21 is $10,019,447 which includes $1,255,967 for required fund transfers and $8,763,480 for Project Costs.

• The FY21 – FY25 CIP totals $23,895,000 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements and utility upgrades and replacements.

• The FY21 Operating Budget includes $5,695,000 for capital expenditures and $126,000 for administration and overhead.  The Authority must advise the Chief Development Officer of any budget amendment.  Adjustments to the budget in excess of $400,000 require City Council approval.

• The budget includes a municipal services cost payment in FY21 of $313,726 for the incremental cost of providing services to the area.

Attachments: FY21 Operating Budget and FY21 – FY25 CIP Budget

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)