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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 10/10/2023
District C
Item Creation Date: 9/26/2023
MYR- FY24 RCA TIRZ 27 Montrose
Agenda Item#: 23.
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| | | | | | | | Summary:
ORDINANCE relating to the Fiscal Affairs of REINVESTMENT ZONE NUMBER TWENTY-SEVEN, CITY OF HOUSTON, TEXAS; approving the FISCAL YEAR 2024 OPERATING BUDGET and the Fiscal Years 2024-2028 Capital Improvements Budget for the Zone - DISTRICT C - KAMIN |
| | | | | | | | Background:
SUBJECT: Ordinance approving the Fiscal Year 2024 (FY24) Operating Budget and the Fiscal Years 2024 – 2028 (FY24 – FY28) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty – Seven, City of Houston, Texas (Montrose Zone)
RECOMMENDATION: City Council adopt an ordinance approving the Fiscal Year 2024 (FY24) Operating Budget and Fiscal Years 2024 – 2028 (FY24 - FY28) CIP Budget for Reinvestment Zone Number Twenty – Seven, City of Houston, Texas (Montrose Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget and the FY24 – FY28 CIP Budget for Reinvestment Zone Number Twenty-Seven (Montrose Zone).
- Total Operating Budget for FY24 is $13,729,553 which includes $552,553 for fund transfers required by the tri-party agreement between the Zone, Authority and the City, and $13,177,000 for project costs committed to improving sidewalks and addressing localized stormwater drainage issues.
- The FY24 Operating Budget also includes $119,000 for administration and overhead.
- The Budget includes a municipal services charge payment in FY24 of $196,546 to pay for the incremental cost of providing services to the area.
- The FY24 – FY28 CIP totals $110,748,000 and includes provisions for the construction of pedestrian mobility improvements and planning, design and construction of stormwater drainage improvements, and an assessment of affordable housing needs in the Zone.
- 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
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Andrew F. Icken, Chief Development Officer |
| | | | | | | | Prior Council Action:
Ordinance No. 2022-712, 9/14/2022 |
| | | | | | | | Contact Information:
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Gwendolyn Tillotson, Deputy Director
Mayor's Office
Phone: 832.393.0937 |
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