Ordinance approving the Fiscal Year 2022 Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2022 – 2026 Capital Improvement Projects (CIP) Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone).
RECOMMENDATION: City Council adopt an ordinance approving the Fiscal Year 2022 (FY22) Operating Budget for the Memorial-Heights Redevelopment Authority and the Fiscal Years 2022 – 2026 (FY22-FY26) CIP Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights 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 Memorial-Heights Redevelopment Authority (the Authority) and approval of the FY22 – FY26 CIP Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone).
· Total Operating Budget for FY22 is $20,053,444 which includes $578,135 for fund transfers required by the tri-party agreement between the City, the Memorial Heights Zone, and the Authority.
· The FY22 Operating Budget also provides for $19,475,309 allocated towards Project Costs, including $16,250,000 for capital expenditures committed to the Shepherd and Durham street reconstruction project; the design of flood remediation plans associated with the North Canal Project; the design and reconstruction of the intersection at Yale Street and Center Street; and pedestrian and bicycle facility improvements among other projects.
· The FY22 Operating Budget allocates $400,000 for administration and overhead.
· The FY22 – FY26 CIP Budget totals $145,370,000 and includes provisions for the design and construction of pedestrian bridges, reconstruction of streets, hike and bike trails, Shepherd and Durham Reconstruction, and the North Canal Project among other projects.
· 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 $160,652 to pay for the incremental cost of providing services to the area.