ORDINANCE relating to FISCAL AFFAIRS OF HIRAM CLARKE/FORT BEND REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER TWENTY-FIVE, CITY OF HOUSTON, TEXAS (HIRAM CLARKE/FORT BEND ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvement Plan Budget for the Zone - DISTRICTS D - EVANS-SHABAZZ and K - CASTEX-TATUM

The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Hiram Clarke/Fort Bend Redevelopment Authority (the “Authority”) and Fiscal Years 2024-2028 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Twenty-Five, City of Houston, Texas (Hiram Clarke/Fort Bend Zone).

• Total Operating Budget for FY24 is $12,985,611 which includes $352,811 for required fund transfers, and $12,632,800 for Project Costs primarily committed to workforce training facility infrastructure, blight removal and beautification, Carved Rock roadway extension improvements, curb/sidewalk repair and improvement, hike/bike trail network expansion, and South Post Oak improvements.
• The FY24 Operating Budget also includes $278,500 for administration and overhead, and $1,550,000 for developer reimbursement agreements to improve façades at area grocery retailers, to the Hines southwest business park, and to an area restaurant developer.
• The FY24 Operating Budget has a municipal services charge of $130,446.
• The FY24-FY28 CIP Budget totals $27,046,300 and includes provisions for blight removal, the design and construction of roadways, sidewalks, and trails, and greenspace improvements.
• The Authority must advise the Chief Development Officer of any budget amendments.  Adjustments to the budget that exceed the lesser of $400,000 or 5% of Project Costs 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