ORDINANCE relating to Fiscal Affairs of OLD SPANISH TRAIL/ALMEDA CORRIDORS REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER SEVEN, CITY OF HOUSTON, TEXAS (OLD SPANISH TRAIL/ALMEDA CORRIDORS ZONE); approving Fiscal Year 2025 Operating Budget for the Authority and Fiscal Years 2025-2029 Capital Improvements Budget for the Zone - DISTRICT D - EVANS-SHABAZZ

RECOMMENDATION: Ordinance approving the Fiscal Year 2025 Operating Budget for the Old Spanish Trail/Almeda Corridors Redevelopment Authority and Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seven, City of Houston, Texas (Old Spanish Trail/Almeda Corridors 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 Old Spanish Trail/Almeda Corridors Redevelopment Authority (the Authority) and Fiscal Years 2025-2029 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Seven, City of Houston, Texas (Old Spanish Trail/Almeda Corridors Zone).

• Total Operating Budget for FY25 is $33,377,759 which includes $3,019,832 for required fund transfers and $30,357,927 for Project Costs primarily committed to Greater Third Ward neighborhood street improvements, Live Oak Street improvements, Emancipation Avenue Street reconstruction, and $6,695,780 in debt service.
• The FY25 Operating Budget also includes $1,495,454 for administration and overhead, and $2,000,000 for developer/project reimbursement agreements.
• The FY25 Operating Budget has a municipal services charge of $887,566 and a municipal services charge of $150,000 for enhanced public safety services.
• The FY25-FY29 CIP Budget totals $80,360,626 and includes provisions for Greater Third Ward neighborhood street improvements, Emancipation Avenue Street reconstruction, and Live Oak Street improvements.
• The Authority must advise the Chief Economic 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.

Attachments: FY25 Operating Budget and FY25 – FY29 CIP Budget

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Gwendolyn Tillotson-Bell

Chief Economic Development Officer

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Jennifer D. Curley              

 Phone: (832) 393-0981