ORDINANCE relating to Fiscal Affairs of FIFTH WARD REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER EIGHTEEN, CITY OF HOUSTON, TEXAS (FIFTH WARD ZONE); approving Fiscal Year 2021 Operating Budget for the Authority and Fiscal Years 2021-2025 Capital Improvement Plan Budget for the Zone - DISTRICT B - DAVIS

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 Fifth Ward Redevelopment Authority (Authority) and the FY21 – FY25 CIP Budget for Tax Increment Reinvestment Zone Number Eighteen (Zone).

• Total Operating Budget for FY21 is $4,879,653 which includes $476,253 for required fund transfers as required by the tri-party agreement between the City, the Zone, and the Authority; and the interlocal agreement between the City, the Zone and Houston Independent School District.

• The FY21 Budget also includes $4,403,400 for Project Costs committed to property acquisition, streetscape enhancements along Lyons Avenue, environmental remediation, area parks and cultural facilities.
• The FY21 Operating Budget includes $550,000 in Developer Reimbursements

• The FY21 Operating Budget includes $94,800 for administration and overhead. 
• The FY21 – FY25 CIP Budget for the Zone totals $7,147,000 for affordable housing (land acquisition, design, and construction), sidewalks, cultural facilities, historic preservation and community parks.
• The FY21 Budget provides for the transfer of $291,890 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 service charge.

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)