The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for City Park Redevelopment Authority (the Authority) on behalf of Reinvestment Zone Number Twelve (City Park Zone), City of Houston, Texas.
· Total Operating Budget for FY24 is $5,678,722 which includes $301,006 for fund transfers to the City of Houston and Houston Independent School District (Houston ISD) as required by the tri-party agreement (an agreement between the City, the City Park Zone and the Authority) and the interlocal agreement (an agreement between the City, the City Park Zone, the Authority and Houston ISD).
· The FY24 – FY28 CIP Budget totals $17,387,090 and includes provisions for improvements to public utilities and drainage, parks and greenspaces, and roadway, mobility, sidewalk, and pedestrian safety improvements.
· The Operation Budget allocates $5,678,722 for Project Costs, which includes $71,100 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.
Attachments: FY24 Operating Budgets and FY24 – FY28 CIP Budget
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Andy F. Icken, Chief Development Officer