The Administration has undertaken a comprehensive review of the proposed FY25 TIRZ budgets and recommends approval of the FY25 Operating Budget for the Gulfgate Redevelopment Authority (the “Authority”) and the approval of the FY25 - FY29 CIP Budget for Reinvestment Zone Number Eight (the “Zone”).
• Total Operating Budget for FY25 is $26,198,777 which includes $1,793,073 for fund transfers required by the tri-party agreement between the Zone, Authority and the City and the interlocal agreement between the Zone and Houston Independent School District. The Operating Budget also includes $24,405,704 for Project Costs committed to corridor mobility projects, an intersection improvement project, and trail connection projects that will improve the quality of life in the community.
• The FY25 Operating Budget includes a developer reimbursement of $365,000 for public infrastructure improvements such as water, sanitary sewer, drainage, and park improvements.
• The FY25 - FY29 CIP Budget totals $62,848,300 and includes provisions for the design and construction of sidewalks, intersection improvements, pedestrian mobility improvements, street reconstruction, and concrete panel replacements.
• 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.
• The FY25 Operating Budget includes a municipal services cost payment of $507,330 to pay for the incremental cost of providing services to the area.
Attachments: FY25 Operating Budget and FY25 - FY29 CIP Budget
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Gwendolyn Tillotson-Bell, Chief Economic Development Officer