SUBJECT: Ordinance approving the Fiscal Year 2023 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2023 - 2027 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight, City of Houston, Texas (Gulfgate Zone).
RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2023 Operating Budget for the Gulfgate Redevelopment Authority and the Fiscal Years 2023 - 2027 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Eight (Gulfgate Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY23 TIRZ budgets and recommends approval of the FY23 Operating Budget for the Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY23 - FY27 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
Total Operating Budget for FY23 is $17,595,209 which includes $1,510,840 for fund transfers required by the tri-party agreement between the Zone, Authority, and the City and the interlocal agreement between the Zone and Houston Independent School District. The Operating Budget also includes $16,084,369 for Project Costs committed to corridor mobility projects, an intersection improvement project, and trail connection projects that will improve the quality of life in the community.
The FY23 Operating Budget includes a developer reimbursement of $570,000 for public infrastructure improvements such as water, sanitary sewer, drainage, and park improvements.
The FY23 - FY27 CIP Budget totals $36,538,000 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
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 FY23 Operating Budget includes a municipal services cost payment of $507,330 to pay for the incremental cost of providing services to the area.
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Andrew F. Icken, Chief Development Officer