ORDINANCE relating to Fiscal Affairs of MEMORIAL CITY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVENTEEN, CITY OF HOUSTON, TEXAS (MEMORIAL CITY ZONE); approving Fiscal Year 2021 Operating Budget for the Authority and Fiscal Years 2021-2025 Capital Improvements Budget for the Zone - DISTRICTS A - PECK and G - TRAVIS

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY21 TIRZ budgets and recommends approval of the FY2021 Operating Budget for the Memorial City Redevelopment Authority (the “Authority”) and the FY21 – FY25 CIP Budget for Reinvestment Zone Number Seventeen (the “Zone”).

• Total Operating Budget for FY21 is $24,004,417 which includes $3,139,372 for required fund transfers and $20,865,045 for Project Costs.

• The FY21 – FY25 CIP Budget totals $87,331,495 and includes provisions for street reconstruction, drainage and detention projects.

• The FY21 Operating Budget includes $10,299,495 for capital expenditures and $147,000 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments.

• 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.

• The budget includes a municipal services cost payment in FY21 of $2,256,619 to pay 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)