SUBJECT: Ordinance approving the Fiscal Year 2015 Operating Budget for the Memorial City Redevelopment Authority and the Fiscal Years 2015 - 2019 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen (Memorial City Zone). DISTRICTS A - STARDIG; G - PENNINGTON
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2015 Operating Budget for Memorial City Redevelopment Authority and the Fiscal Years 2015 - 2019 CIP Budget for Reinvestment Zone Number Seventeen (Memorial City Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY15 TIRZ budgets and recommends approval of the FY15 Operating Budget for the Memorial City Redevelopment Authority (Authority) and the FY15 - FY19 CIP Budget for Reinvestment Zone Number Seventeen (Zone).
Total Operating Budget for FY15 is $16,945,179, which includes $1,116,212 for required fund transfers and $15,828,967 for Project Costs.
The FY15 - 19 CIP for the Zone totals $100,419,500. The CIP includes provisions for the design and construction of flood remediation infrastructure including detention basins, utility system upgrades and replacements and pedestrian and mobility improvements.
The FY15 Operating Budget includes $11,070,000 for capital expenditures and $394,300 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Budget that exceed $400,000 require City Council approval.
The budget includes a municipal services cost payment in FY15 of $490,000 to pay for the incremental cost of providing services to the area.
Attachments: FY15 Operating Budget and FY15 - FY19 CIP Budget
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
David Feldman, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney