The Administration has undertaken a comprehensive review of the proposed FY25 TIRZ budgets and recommends approval of the FY25 Operating Budget for the Hardy/Near Northside Redevelopment Authority (the “Authority”) and the FY25 – FY29 CIP Budget for Reinvestment Zone Number Twenty-One (Hardy/Near Northside Zone).
• Total Operating Budget for FY25 is $3,214,458 which includes $1,031,003 for required transfers and $2,183,455 for Project Costs.
• The FY25 – FY29 CIP Budget totals $2,516,000 and includes provisions for Sidewalk Replacement & Improvements, Hogan/Lorraine Corridor Schematic Design, and Pickney Street Hike and Bike Trail.
• The FY25 Operating Budget includes $1,316,000 for capital expenditures and $120,500 for administration and overhead.
• 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