ORDINANCE relating to Fiscal Affairs of UPTOWN DEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SIXTEEN, CITY OF HOUSTON, TEXAS; approving Fiscal Year 2025 Operating Budget for the Authority and Fiscal Years 2025-2029 Capital Improvements Budget for the Zone - DISTRICTS C - KAMIN; G - HUFFMAN and J - POLLARD

Ordinance approving the Fiscal Year 2025 Operating Budget for the Uptown Development Authority and the Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown Zone).

RECOMMENDATION: 

City Council adopt an ordinance approving the Fiscal Year 2025 (FY25) Operating Budget for the Uptown Development Authority and the Fiscal Years 2025-2029 (FY25-FY29) Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen, City of Houston, Texas (Uptown 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 Uptown Development Authority (the “Authority”) and the Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (the “Zone”).

• Total Operating Budget for FY25 is $60,208,247 which includes $36,627,219 in Total Project Costs and $23,581,028 for required fund transfers.
• The FY25 Operating Budget also includes $451,995 for administration/overhead; $10,448,842 for capital projects such as the Memorial Park Uptown Memorial Trail and Bridge, Memorial Park greenspace maintenance, and the West Loop Transit Way; $721,319 in developer/project reimbursements; and $24,780,063 in debt service.
• The FY25 Operating Budget has a municipal services cost payment in FY25 of $4,662,912 to pay for the incremental cost of providing services to the area and a supplemental municipal charge of $250,000.
• The FY25-FY29 CIP totals $54,717,139 and includes the implementation of projects in the master plan for Memorial Park, drainage improvements, and traffic/signalization improvements.

• The Authority must advise the Chief Economic Development Officer of any budget amendments. Budget amendments that involve an increase, decrease, or adjustment of $400,000 or more must be approved by City Council.

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Gwendolyn Tillotson-Bell

Chief Economic Development Officer

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Jennifer D. Curley

832.393.0981