ORDINANCE relating to Fiscal Affairs of UPPER KIRBY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER NINETEEN, CITY OF HOUSTON, TEXAS (UPPER KIRBY ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvement Plan Budget for the Zone - DISTRICTS C - KAMIN and G - HUFFMAN

TAGGED BY COUNCIL MEMBER KAMIN

This was Item 33 on Agenda of September 27, 2023

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

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

• Total Operating Budget for FY24 is $13,035,119 which includes $3,948,084 for required fund transfers, $3,704,955 in debt service, and $9,087,035 for Project Costs primarily committed to Shepard drainage improvements and West Alabama street reconstruction.

• The FY24 Operating Budget also includes $168,000 for administration and overhead, and $1,288,080 for developer reimbursement agreements with 3001 Richmond and the Levy Park Conservancy.

• The FY24 Operating Budget has a municipal services charge of $3,025,573.

• The FY24 – FY28 CIP Budget totals $77,046,000 and includes provisions for West Alabama street reconstruction, Richmond paving and drainage system improvements, and Kirby Drive Street improvements.

• The Authority must advise the Chief Development Officer of any budget amendments. Budget amendments that involve an increase, decrease or adjustment of $400,000 or more require City Council approval.

Attachments: FY24 Operating Budget and FY24 – FY28 CIP Budget

Ord. 2023-70, 02/01/2023

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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