ORDINANCE relating to Fiscal Affairs of MEMORIAL CITY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVENTEEN, 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 A - KAMIN and G - HUFFMAN

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

RECOMMENDATION:

City Council to adopt an ordinance approving the Fiscal Year 2025 Operating Budget for the Memorial City Redevelopment Authority and Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City 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 Memorial City Redevelopment Authority (the Authority) and Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seventeen, City of Houston, Texas (Memorial City Zone).

• Total Operating Budget for FY25 is $28,172,337 which includes $3,217,204 for required fund transfers, $7,368,664 in debt service, and $24,995,133 for Project Costs primarily committed to the improvements to W140 Channel, Detention Basin A, and to Memorial Drive drainage and mobility improvements.
• The FY25 Operating Budget also includes $187,750 for administration and overhead, and $3,013,460 for developer reimbursement agreements to MetroNational for detention and roadway construction.
• The FY25 Operating Budget has a municipal services charge of $2,256,619.
• The FY25-FY29 CIP Budget totals $93,499,793 and includes provisions for Detention Basin A construction, Memorial Drive drainage and mobility improvements, and W140 Detention Basin deepening and straw extensions.
• The Authority must advise the Chief Economic 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.

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Gwendolyn Tillotson-Bell

Chief Economic Development Officer

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Jennifer D. Curley

832.393.0981