ORDINANCE relating to Fiscal Affairs of UPPER KIRBY REDEVELOPMENT AUTHORITY ON BEHALF OF REINVESTMENT ZONE NUMBER NINETEEN, CITY OF HOUSTON, TEXAS (UPPER KIRBY ZONE); approving Fiscal Year 2025 Operating Budget for the Authority and Fiscal Years 2025-2029 Capital Improvement Plan Budget for the Zone - DISTRICTS C - KAMIN and G - HUFFMAN

TAGGED BY COUNCIL MEMBERS KAMIN and RAMIREZ

This was Item 37 on Agenda of December 4, 2024

RECOMMENDATION:

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

• Total Operating Budget for FY25 is $26,277,280 which includes $3,920,668 for required fund transfers, $3,620,460 in debt service, and $22,356,612 for Project Costs primarily committed to Upper Kirby Civic Complex and West Alabama street reconstruction.
• The FY25 Operating Budget also includes $170,200 for administration and overhead, and $1,373,952 for developer reimbursement agreements with 3001 Richmond and the Levy Park Conservancy.
• The FY25 Operating Budget has a municipal services charge of $3,025,573.
• The FY25 – FY29 CIP Budget totals $98,057,000 and includes provisions for West Alabama street reconstruction, Buffalo Speedway improvements, and Kirby Drive improvements from US 59 to Bissonnet Street.
• 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 require City Council approval.

Attachments: FY25 Operating Budgets 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