ORDINANCE relating to Fiscal Affairs of OLD SPANISH TRAIL/ALMEDA CORRIDORS REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVEN, CITY OF HOUSTON, TEXAS (OLD SPANISH TRAIL/ALMEDA CORRIDORS ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvements Budget for the Zone - DISTRICT D - EVANS-SHABAZZ

The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Old Spanish Trail/Almeda Corridors Redevelopment Authority (the Authority) and Fiscal Years 2024-2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seven, City of Houston, Texas (Old Spanish Trail/Almeda Corridors Zone).

• Total Operating Budget for FY24 is $56,898,141 which includes $2,193,153 for required fund transfers and $54,704,988 for Project Costs primarily committed to Greater Third Ward neighborhood street improvements, Live Oak Street improvements, Emancipation Avenue Street reconstruction, and $4,650,200 in debt service.
• The FY24 Operating Budget also includes $1,503,454 for administration and overhead, and $2,000,000 for developer/project reimbursement agreements.
• The FY24 Operating Budget has a municipal services charge of $887,566 and a municipal services charge of $150,000 for enhanced public safety services.
• The FY24-FY28 CIP Budget totals $119,096,015 and includes provisions for Greater Third Ward neighborhood street improvements, Emancipation Avenue Street reconstruction, Live Oak Street improvements, and Historic Holman Street reconstruction.
• 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 Budget and FY24 – FY28 CIP Budget

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Andy F. Icken, Chief Development Officer

___Gwendolyn F. Tillotson - Bell, Deputy Director

Phone: (832) 393 - 0937