ORDINANCE relating to Fiscal Affairs of MEMORIAL CITY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVENTEEN, CITY OF HOUSTON, TEXAS; approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvements Budget for the Zone - DISTRICTS A - PECK and G - HUFFMAN

SUBJECT:  Ordinance approving the Fiscal Year 2024 Operating Budget for the Memorial City Redevelopment Authority and Fiscal Years 2024-2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone).

RECOMMENDATION:  City Council to adopt an ordinance approving the Fiscal Year 2024 Operating Budget for the Memorial City Redevelopment Authority and Fiscal Years 2024-2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City 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 Memorial City Redevelopment Authority (the Authority) and Fiscal Years 2024-2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone).

• Total Operating Budget for FY24 is $20,520,234 which includes $3,232,626 for required fund transfers, $7,362,823 in debt service, and $17,287,608 for Project Costs primarily committed to the improvements to W140 Channel, Detention Basin, and straws, and to Memorial Drive drainage and mobility improvements.
  
  

• The FY24 Operating Budget also includes $184,150 for administration and overhead, and $3,013,460 for developer reimbursement agreements to Metro National for detention and roadway construction.
  
  

• The FY24 Operating Budget has a municipal services charge of $2,256,619.
  
  

• The FY24-FY28 CIP Budget totals $86,510,491 and includes provisions for Detention Basin A construction, Memorial Drive drainage and mobility improvements, and W140 Detention Basin deepening and straw extensions.
  
  

• The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed the lesser of $400,000 or 5% of Project Costs require City Council approval.

Attachments: FY24 Operating Budget and FY24 – FY28 CIP Budget

Ord. 2023-90, 02/08/2023

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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