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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/19/2023
District I
Item Creation Date: 9/7/2023
MYR- FY24 RCA TIRZ 15 East Downtown
Agenda Item#: 24.
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| | | | | | | | Summary:
ORDINANCE relating to Fiscal Affairs of EAST DOWNTOWN REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER FIFTEEN, CITY OF HOUSTON, TEXAS (EAST DOWNTOWN ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvement Projects Budget for the Zone - DISTRICT I - GALLEGOS |
| | | | | | | | Background:
SUBJECT: Ordinance approving the Fiscal Year 2024 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2024 - 2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).
RECOMMENDATION: City Council to adopt an ordinance approving the Fiscal Year 2024 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2024 - 2028 CIP Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ Budgets and recommends approval of the FY24 Operating Budget for the East Downtown Redevelopment Authority (the “Authority”) and the FY24 – FY28 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).
- Total Operating Budget for FY24 is $13,993,124 which includes $1,246,399 for required fund transfers and $12,746,725 for Project Costs.
- The FY24 – FY28 CIP totals $23,925,000 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements, utility upgrades and replacements, and greenspace improvements.
- The FY24 Operating Budget includes $9,680,000 for capital expenditures and $136,000 for administration and overhead.
- The Authority must advise the Chief Development Officer of any budget amendment. Adjustments to the budget in excess of $400,000 require City Council approval.
- The budget includes a municipal services cost payment in FY24 of $313,726 for the incremental cost of providing services to the area.
Attachments: FY24 Operating Budget and FY24 – FY28 CIP Budget |
| | | | | | | | Prior Council Action:
Ord. No. 2023-0051, 01/25/23 |
| | | | | | | | Amount and Source of Funding:
None |
| | | | | | | | Contact Information:
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Andrew F. Icken, Chief Development Officer
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Gwendolyn Tillotson, Deputy Director
Mayor's Office
Phone: 832.393.0937 |
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