ORDINANCE relating to the Fiscal Affairs of MEMORIAL CITY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVENTEEN, CITY OF HOUSTON, TEXAS (MEMORIAL CITY ZONE); approving the Fiscal Year 2022 Operating Budget for the Authority and Fiscal Years 2022 – 2026 Capital Improvements Budget for the Zone - DISTRICTS A - PECK and G - TRAVIS

SUBJECT: Ordinance approving the Fiscal Year 2022 Operating Budget for the Memorial City Redevelopment Authority and the Fiscal Years 2022 – 2026 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone).

RECOMMENDATION:

City Council adopt an ordinance approving the Fiscal Year 2022 Operating Budget for Memorial City Redevelopment Authority and the Fiscal Years 2022 – 2026 CIP Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone).    

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY22 TIRZ budgets and recommends approval of the FY2022 Operating Budget for the Memorial City Redevelopment Authority (the “Authority”) and the FY22 – FY26 CIP Budget for Reinvestment Zone Number Seventeen (the “Zone”).

•  Total Operating Budget for FY22 is $37,289,102 which includes $3,140,052 for required fund transfers and $34,149,050 for Project Costs.

• The FY22 – FY26 CIP Budget totals $80,559,921 and includes provisions for street reconstruction, drainage, and detention projects.

• The FY22 Operating Budget includes $4,984,387 for capital expenditures and $153,120 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments.

• The Authority must advise the Chief Development Officer of any budget amendments.  Adjustments to the Project Costs in the Operating Budget that exceed $400,000 require City Council approval.

• The budget includes a municipal services cost payment in FY22 of $2,256,619 to pay for the incremental cost of providing services to the area.

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)