ORDINANCE relating to the Fiscal Affairs of the FIFTH WARD REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER EIGHTEEN, CITY OF HOUSTON, TEXAS (FIFTH WARD ZONE); approving the Fiscal Year 2024 Operating Budget for the Authority and the Fiscal Years 2024-2028 Capital Improvement Plan Budget for the Zone - DISTRICT B - JACKSON

The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Fifth Ward Redevelopment Authority (Authority) and the FY24 – FY28 CIP Budget for Reinvestment Zone Number Eighteen, City of Houston, Texas (Zone).

• Total Operating Budget for FY24 is $6,119,979 which includes $972,379 for required fund transfers as required by the tri-party agreement between the City, the Zone, and the Authority; and the interlocal agreement between the City, the Zone and Houston Independent School District.
• The FY24 Operating Budget also includes $5,147,600 for Project Costs committed to property acquisition, streetscape enhancements along Lyons Avenue, environmental remediation, area parks and cultural facilities.
• The FY24 Operating Budget includes $1,078,000 in Developer/Project Reimbursements, including annual funding amounts in connection with Buffalo Bayou East greenspace maintenance.
• The FY24 Operating Budget includes $110,600 for administration and overhead. 
• The FY24 – FY28 CIP Budget for the Zone totals $7,762,000 for affordable housing (land acquisition, design, and construction), sidewalks, cultural facilities, historic preservation and community parks.
• The FY24 Operating Budget provides for the transfer of $726,491 to the City’s Housing and Community Development Department for affordable housing.
• 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. 
• The FY24 Operating Budget does not have a municipal service charge.

Attachments:  FY24 Operating Budget and FY24 – FY28 CIP Budget

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Andy F. Icken, Chief Development Officer

__Gwendolyn F. Tillotson-Bell, Deputy Director

Phone:  (832) 393-0937