ORDINANCE relating to the Fiscal Affairs of the OLD SIXTH WARD REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER THIRTEEN, CITY OF HOUSTON, TEXAS (OLD SIXTH WARD ZONE); approving the Fiscal Year 2024 Operating Budget for the Authority and the Fiscal Years 2024-2028 Capital Improvement Projects Budget for the Zone - DISTRICT H - CISNEROS

SUBJECT: Approve the Fiscal Year 2024 Operating Budget for Old Sixth Ward Redevelopment Authority and Fiscal Years 2024 - 2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Thirteen, City of Houston, Texas (Old Sixth Ward Zone).   

RECOMMENDATION:  City Council adopt an ordinance approving the Fiscal Year 2024 Operating Budget for Old Sixth Ward Redevelopment Authority and the Fiscal Years 2024 - 2028 CIP Budget for Reinvestment Zone Number Thirteen, City of Houston, Texas (Old Sixth Ward 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 Old Sixth Ward Redevelopment Authority (the Authority) and the FY24 – FY28 CIP Budget for Reinvestment Zone Number Thirteen, City of Houston, Texas (the Zone).

• The Total Operating Budget for FY24 is $5,349,115, which includes $2,477,196 for required fund transfers required by the triparty agreement between the City, Zone, and Authority; and the interlocal agreement between the Zone and the Houston Independent School District. The FY24 Budget also includes $2,871,919 for Project Costs committed to debt service and the planning, designing and construction of pedestrian improvements to enhance pedestrian safety and accessibility.

• The FY24 – FY28 CIP totals $15,720,251 and includes provisions for design and construction of pedestrian improvements, roadway, and street reconstruction.  

• The FY24 Operating Budget includes $2,360,000 for capital expenditures and $151,250 for administration and overhead.  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 has a municipal services charge of $142,891.

Attachments: FY24 Operating Budget and FY24 - FY28 CIP Budget

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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