ORDINANCE relating to Fiscal Affairs of MEMORIAL-HEIGHTS REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER FIVE, CITY OF HOUSTON, TEXAS (MEMORIAL HEIGHTS ZONE); approving Fiscal Year 2024 Operating Budget for the Authority and Fiscal Years 2024-2028 Capital Improvement Projects Budget for the Zone - DISTRICTS C - KAMIN; H - CISNEROS and I - GALLEGOS

TAGGED BY COUNCIL MEMBER GALLEGOS

This was Item 30 on Agenda of October 18, 2023

The Administration has undertaken a comprehensive review of the proposed FY24 TIRZ budgets and recommends approval of the FY24 Operating Budget for the Memorial-Heights Redevelopment Authority (the Authority) and approval of the FY24 – FY28 CIP Budget for Reinvestment Zone Number Five, City of Houston, Texas (Memorial Heights Zone).

• Total Operating Budget for FY24 is $39,542,081 which includes $1,001,606 for fund transfers required by the tri-party agreement between the City, the Memorial Heights Zone, and the Authority. 

• The FY24 Operating Budget also provides for $38,540,475 allocated towards Project Costs, including $33,634,000 for capital expenditures primarily committed to the Shepherd and Durham Street reconstruction project; the design of flood remediation plans associated with the North Canal Project; and the construction of pedestrian and bicycle facility improvements within the Zone.

•  The FY24 Operating Budget also includes $2,135,000 in developer reimbursements and allocates $400,000 for administration and overhead.

• The FY24 – FY28 CIP Budget totals $103,429,376 and includes provisions for the design and construction of pedestrian bridges, reconstruction of streets, hike and bike trails, Shepherd and Durham Reconstruction, and the North Canal Project.

•  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.

• The FY24 Operating Budget includes a municipal services cost payment of $160,652 to pay for the incremental cost of providing services to the area.

 Attachments: FY24 Operating Budget and FY24 - FY28 CIP Budget

____________________________________________

Andy F. Icken, Chief Development Officer

_______Gwendolyn F. Tillotson - Bell, Deputy Director

Phone: (832) 393 - 0937