ORDINANCE relating to Fiscal Affairs of HIRAM CLARKE/FORT BEND REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-FIVE, CITY OF HOUSTON, TEXAS (HIRAM CLARKE/FORT BEND ZONE); approving Fiscal Year 2023 Operating Budget for the Authority and Fiscal Years 2023-2027 Capital Improvement Plan Budget for the Zone - DISTRICT K - CASTEX-TATUM 

SUBJECT: Ordinance approving the Fiscal Year 2023 Operating Budget for the Hiram Clarke/Fort Bend Redevelopment Authority and a Fiscal Years 2023-2027 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-Five, City of Houston, Texas (Hiram Clarke/Fort Bend Zone).

RECOMMENDATION:

City Council adopt an ordinance approving the Fiscal Year 2023 Operating Budget for the Hiram Clarke/Fort Bend Redevelopment Authority and a Fiscal Years 2023-2027 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-Five, City of Houston, Texas (Hiram Clarke/Fort Bend Zone).

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY23 TIRZ budgets. The Administration recommends approval of the FY23 Operating Budget for Hiram Clarke/Fort Bend Redevelopment Authority (the “Authority”) and the FY23 – FY27 CIP Budget for Reinvestment Zone Number Twenty-Five (the “Zone”).

• Total Operating Budget for FY23 is $6,227,921, which includes $274,721 for required fund transfers as required by the tri-party agreement between the City, the Zone, and the Authority.  The FY23 Operating Budget also includes $5,953,200 for project costs committed to intersection improvements, pedestrian improvements, and gateway enhancements.

• The FY23 Operating Budget includes an estimated developer reimbursement of $300,000 for the Hines SW Business Park development.

• The FY23– FY27 CIP Budget totals $10,900,000 and includes provisions for the design and construction of pedestrian safety, roadway, and intersection improvements.

• The FY23 Operating Budget includes $178,200 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.

• The FY23 Operating Budget includes a municipal services cost payment of $130,446 for of providing services to the area.

PCA Ord. No. 2021-741

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)