SUBJECT: Ordinance approving the Fiscal Year 2025 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2025 - 2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).
RECOMMENDATION: City Council to adopt an ordinance approving the Fiscal Year 2025 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2025 - 2029 CIP Budget for Reinvestment Zone Number Fifteen, City of Houston, Texas (East Downtown Zone).
SPECIFIC EXPLANATION: The Administration has undertaken a comprehensive review of the proposed FY25 TIRZ Budgets and recommends approval of the FY25 Operating Budget for the East Downtown Redevelopment Authority (the “Authority”) and the FY25 – FY29 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).
· Total Operating Budget for FY25 is $16,284,488 which includes $1,576,778 for required fund transfers and $14,707,710 for Project Costs.
· The FY25 – FY29 CIP totals $36,958,400 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements, utility upgrades and replacements, and greenspace improvements.
· The FY25 Operating Budget includes $11,370,900 for capital expenditures and $158,000 for administration and overhead.
· The Authority must advise the Chief Economic Development Officer of any budget amendment. Adjustments to the budget in excess of $400,000 require City Council approval.
· The budget includes a municipal services cost payment in FY25 of $313,726 for the incremental cost of providing services to the area.
Attachments: FY25 Operating Budget and FY25 – FY29 CIP Budget
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Gwendolyn Tillotson-Bell, Chief Economic Development Officer