The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Southwest Houston Redevelopment Authority (the “Authority”) and the FY24 – FY28 CIP for Reinvestment Zone Number Twenty (the “Zone”).
· Total Operating Budget for FY24 is $44.085,311 which includes $2,908,566 for required fund transfers and $41,176,745 for Project Costs primarily allocated to land acquisition to enhance economic development opportunities, the planning, design and reconstruction of the Club Creek Detention Basin and Park, the design and reconstruction of Corporate Dr. from Beechnut St. to Bellaire Blvd, property acquisition and design of Harwin Dr. from Fondren Rd. to Gessner Rd for total street reconstruction, the reconstruction of Harwin Dr. and South Gessner Rd. intersection, property acquisition, design and reconstruction of a 3.12 mile concrete hike and bike trail that will provide pedestrian and bicycle connections between the Westpark Tollway and the Southwest Freeway, connecting at the Brays Bayou Greenway Trail, and the construction of detention to support the Lee LeClear Tennis Center.
· The FY24 Operating Budget also includes $181,000 for administration and overhead and a municipal services charge payment in FY24 of $2,311,587 to pay for the incremental cost of providing services to the area.
· The FY24 – FY28 CIP Budget totals $91,168,000 and includes provisions for street reconstruction, drainage and detention improvements; the redevelopment of Sharpstown Mall.
· The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget 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
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Andy F. Icken, Chief Development Officer