ORDINANCE relating to the Fiscal Affairs of HARDY/NEAR NORTHSIDE REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-ONE, CITY OF HOUSTON, TEXAS (HARDY/NEAR NORTHSIDE ZONE); approving the Fiscal Year 2022 Operating Budget for the Authority and the Fiscal Years 2022-2026 Capital Improvement Plan Budget for the Zone - DISTRICT H - CISNEROS

SUBJECT:  Ordinance approving the Fiscal Year 2022 (FY22) Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2022 - 2026 (FY22-FY26) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).  

RECOMMENDATION: 

 City Council adopt an ordinance approving the Fiscal Year 2022 (FY22) Operating Budget for the Hardy/Near Northside Redevelopment Authority and the Fiscal Years 2022 – 2026 (FY22-FY26) CIP Budget for Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY22 TIRZ budgets and recommends approval of the FY22 Operating Budget for the Hardy/Near Northside Redevelopment Authority (the “Authority”) and the Fiscal Years 2022 - 2026 CIP Budget for Reinvestment Zone Number Twenty-One, City of Houston, Texas (Hardy/Near Northside Zone).

•  Total Operating Budget for FY22 is $1,970,968 which includes $392,439 for fund transfers required by the tri-party agreement and the affordable housing agreements between the City, the Hardy/Near Northside Zone, and the Authority.

• The FY22 Operating Budget project costs total $1,578,529, including an estimated developer reimbursement of $438,029 for street and intersection improvements as well as planning, engineering and construction of pedestrian improvements.  Other project costs include $79,000 for administration and overhead. 

•  The FY22 – FY26 CIP Budget totals $820,500 and includes provisions for pedestrian improvements.

• The FY22 Operating Budget provides for the transfer of $341,251 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 FY22 Operating Budget does not have a municipal services charge.

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)