SUBJECT: Ordinance approving the Fiscal Year 2024 Operating Budget for the Sunnyside Redevelopment Authority and the Fiscal Years 2024 - 2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty – Six, City of Houston, Texas (Sunnyside Zone).
RECOMMENDATION: City Council adopt an ordinance approving the Fiscal Year 2024 Operating Budget for the Sunnyside Redevelopment Authority and the Fiscal Years 2024 - 2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty – Six, City of Houston, Texas (Sunnyside 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 Sunnyside Redevelopment Authority and the Fiscal Years 2024 - 2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty – Six, City of Houston, Texas (Sunnyside Zone).
Total Operating Budget for FY24 is $2,426,321, which includes $178,500 for City administration fees and $1,450,000 for project costs related to improvements that will enhance economic development in the Sunnyside Zone.
The Zone Board must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed $400,000 or five percent (5%) of Project Costs require City Council approval.
The FY24 Operating Budget does not have a municipal services charge.
The FY24 - FY28 CIP Budget totals $10,230,000 and includes provisions for the design and construction of sidewalks, pedestrian mobility improvements, lighting, boulevard trails and beautification.
Attachments: FY24 Operating Budget and FY24 - FY28 CIP Budget