ORDINANCE relating to the Fiscal Affairs of EAST DOWNTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER FIFTEEN, CITY OF HOUSTON, TEXAS (EAST DOWNTOWN 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 I - GALLEGOS

Ordinance approving the Fiscal Year 2022 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2022 - 2026 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).   

RECOMMENDATION:

City Council to adopt an ordinance approving the Fiscal Year 2022 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2022 - 2026 CIP Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown 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 East Downtown Redevelopment Authority (the “Authority”) and the FY22 – FY26 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).

• Total Operating Budget for FY22 is $12,817,411 which includes $1,264,961 for required fund transfers and $11,552,450 for Project Costs.

• The FY22 – FY26 CIP totals $ 27,040,000 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements and utility upgrades and replacements.

• The FY22 Operating Budget includes $7,040,000 for capital expenditures and $148,000 for administration and overhead. 

• The Authority must advise the Chief Development Officer of any budget amendment.  Adjustments to the budget in excess of $400,000 require City Council approval.

• The budget includes a municipal services cost payment in FY22 of $313,726 for the incremental cost of providing services to the area.

Attachments: FY22 Operating Budget and FY22 – FY26 CIP Budget

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)