ORDINANCE relating to Fiscal Affairs of MAIN STREET/MARKET SQUARE REDEVELOPMENT AUTHORITY d/b/a DOWNTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER THREE, CITY OF HOUSTON, TEXAS (MAIN STREET/MARKET SQUARE ZONE); approving Fiscal Year 2021 Operating Budget for the Authority and Fiscal Years 2021-2025 Capital Improvement Projects Budget for the Zone - DISTRICTS C - KAMIN; H - CISNEROS and 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 Main Street/Market Square Redevelopment Authority (the “Authority”) and FY21 – FY25 CIP for Reinvestment Zone Number Three (the “Zone”).

• Total Operating Budget for FY21 $45,965,645 which includes $6,322,964 for required fund transfers and $39,642,681 for Project Costs committed to the redevelopment of Jones Plaza, the construction of Bagby Street Improvements and the construction of Southern Downtown Pocket Park near newly constructed multi-family units.
  
  

• The FY21 Operating Budget includes $403,000 for administration and overhead and a municipal services cost payment in FY21 of $1,065,000 to pay for the incremental cost of providing services to the area and $980,000 for supplemental police services.
  
  

• The FY21 – FY25 CIP Budget totals $78,870,000 and includes provisions for the design and construction of Bagby Street improvements, a pocket park in the southern area of downtown and renovations to Jones Plaza.
  
  

• The Authority must advise the Chief Development Officer of any budget amendments.  Adjustments to the budget that exceed $400,000 require City Council approval..

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)