ORDINANCE relating to Fiscal Affairs of GULFGATE REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER EIGHT, CITY OF HOUSTON, TEXAS (GULFGATE ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvement Plan Budget for the Zone - DISTRICTS D - EVANS-SHABAZZ and I - GALLEGOS

The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY24 - FY28 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).

• Total Operating Budget for FY24 is $23,953,826 which includes $1,616,857 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 $22,336,969 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 FY24 Operating Budget includes a developer reimbursement of $800,000 for public infrastructure improvements such as water, sanitary sewer, drainage, and park improvements.

• The FY24 - FY28 CIP Budget totals $46,452,500 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 that involve an increase, decrease, or adjustment of $400,000 or more require City Council approval. 

• The FY24 Operating Budget includes a municipal services cost payment of $507,330 to pay for the incremental cost of providing services to the area.

Attachments: FY24 Operating Budget and FY24 - FY28 CIP Budget

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Andrew F. Icken, Chief Development Officer

Ord. No. 2022-663; 8/31/2022

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Gwendolyn Tillotson - Bell, Deputy Director

Phone: (832) 393-0937