SUBJECT: Ordinance approving the Fiscal Year 2022 Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2022 - 2026 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place Zone).
RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2022 (FY22) Operating Budget for Saint George Place Redevelopment Authority and the Fiscal Years 2022 – 2026 (FY22-FY26) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number One, City of Houston, Texas (Saint George Place 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 Saint George Place Redevelopment Authority (the “Authority”) and the FY22 - FY26 CIP Budget for Reinvestment Zone Number One (the “Zone”).
· Total Operating Budget for FY22 is $18,985,224 which includes $3,080,356 for fund transfers required by the tri-party agreement between the Zone, the Authority and the City and the interlocal agreement between the City, the Zone, the Authority and Houston Independent School District.
· The Operating Budget also includes $14,089,500 for capital expenditures committed to regional flood mitigation, roadway reconstruction, sidewalk replacement and improvements; and $88,000 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 FY22 – FY26 CIP Budget totals $26,464,500 and includes provisions for regional flood mitigation, street reconstruction, and sidewalk improvements.
The FY22 Operating Budget includes a municipal services cost payment in FY22 of $232,718 to pay for the incremental cost of providing services to the area.