ORDINANCE relating to Fiscal Affairs of MAIN STREET/MARKET SQUARE REDEVELOPMENT AUTHORITY d/b/a DOWNTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER THREE, CITY OF HOUSTON, TEXAS (MAIN STREET/MARKET SQUARE ZONE); approving Fiscal Year 2023 Operating Budget for the Authority and the Fiscal Years 2023-2027 Capital Improvement Plan Budget for the Zone - DISTRICTS C - KAMIN; H - CISNEROS and I - GALLEGOS

SUBJECT: Ordinance approving the Fiscal Year 2023 Operating Budget for Downtown Redevelopment Authority and Fiscal Years 2023 -2027 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three, City of Houston, Texas (Main Street/Market Square Zone).

RECOMMENDATION:
City Council adopt an ordinance approving the Fiscal Year 2023 (FY23) Operating Budget for Downtown Redevelopment Authority and the Fiscal Years 2023 – 2027 (FY23 – FY27) CIP Budget for Reinvestment Zone Number Three, City of Houston, Texas (Main Street/Market Square 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 Downtown Redevelopment Authority (the “Authority”) and FY23 – FY27 CIP for Reinvestment Zone Number Three, City of Houston, Texas (the “Zone”).

• Total Operating Budget for FY23 is $25,491,250 which includes $7,751,226 for required fund transfers and $17,740,024 for operating and Project Costs associated with the construction of Southern Downtown Pocket Park (now named Trebly Park), pedestrian improvements to the Montrose Bridge over Allen Parkway, Buffalo Bayou Park reimbursement, and various Downtown Living Initiative program reimbursements.

• The FY23 Operating Budget includes $789,500 for administration and overhead and a municipal services cost payment in FY23 of $1,065,000 to pay for the incremental cost of providing services to the area and $980,000 for supplemental police services.

• The FY23 – FY27 CIP Budget totals $64,631,000 and includes economic development program provisions for office-to-residential conversion plan and blight removal targeting 901 Main, 801 Jefferson, and 1111 Main; San Jacinto Street reconstruction to connect to Hardy Yards; the installation of enhanced pedestrian lighting through key walkable corridors Downtown; mobility connections to the Near Northside; and infrastructure and improvements in the Warehouse District.
  
  

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

Attachments: FY23 Operating Budget and FY23 - FY27 CIP Budget

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Andrew F. Icken, Chief Development Officer

PCA ORD. 2021-857

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Gwendolyn Tillotson, Deputy Director

Mayor's Office

Phone: 832.393.0937