ORDINANCE relating to Fiscal Affairs of MONTROSE REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-SEVEN, CITY OF HOUSTON, TEXAS (MONTROSE ZONE); approving Fiscal Year 2023 Operating Budget for the Authority and Fiscal Years 2023-2027 Capital Improvements Budget for the Zone - DISTRICT C - KAMIN

SUBJECT:    Ordinance approving the Fiscal Year 2023 (FY23) Operating Budget and the Fiscal Years 2023 – 2027 (FY23 – FY27) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty – Seven, City of Houston, Texas (Montrose Zone

RECOMMENDATION:

City Council adopt an ordinance approving the Fiscal Year 2023 (FY23) Operating Budget and Fiscal Years 2023 – 2027 (FY23 - FY27) CIP Budget for Reinvestment Zone Number Twenty – Seven, City of Houston, Texas (Montrose Zone).

SPECIFIC EXPLANATION:

The Administration has undertaken a comprehensive review of the proposed FY23 TIRZ budgets and recommends approval of the FY23 Operating Budget and the FY23 – FY27 CIP Budget for Reinvestment Zone Number Twenty-Seven (Montrose Zone).

• Total Operating Budget for FY23 is $10,614,500 which includes $468,279 for fund transfers required by the tri-party agreement between the Zone, Authority and the City, and $10,146,221 for project costs committed to improving sidewalks and addressing localized stormwater drainage issues.

• The FY23 Operating Budget also includes $119,000 for administration and overhead.

• The Budget includes a municipal services charge payment in FY23 of $196,546 to pay for the incremental cost of providing services to the area.

• The FY23 – FY27 CIP totals $78,812,221 and includes provisions for the construction of pedestrian mobility improvements and planning, design and construction of stormwater drainage improvements, and an assessment of affordable housing needs in the Zone.

PCA Ord. No. 2021-742

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Andrew F. Icken, Chief Development Officer

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 Gwendolyn Tillotson                                          Phone: (832.393.0937)