SUBJECT: Ordinance approving the Fiscal Year 2022 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2022 - 2026 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone).
RECOMMENDATION: City Council adopt an ordinance approving the Fiscal Year 2022 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2022 - 2026 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
The Administration has undertaken a comprehensive review of the proposed FY22 TIRZ budgets and recommends approval of the FY22 Operating Budget for the Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY22 - FY26 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
· Total Operating Budget for FY22 is $15,019,381 which includes $1,487,212 for fund transfers required by the tri-party agreement between the Zone, Authority and the City and the interlocal agreement between the Zone and Houston Independent School District. The Operating Budget also includes $13,532,169 for Project Costs committed to corridor mobility projects, an intersection improvement project, and trail connection projects that will improve the quality of life in the community.
· The FY22 Operating Budget includes a developer reimbursement of $342,000 for public infrastructure improvements such as water, sanitary sewer, drainage, and park improvements.
· The FY22 - FY26 CIP Budget totals $37,382,000 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
· The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget of $400,000 or more require City Council approval.
The FY22 Operating Budget includes a municipal services cost payment of $507,330 to pay for the incremental cost of providing services to the area.