SUBJECT: Ordinance approving the Fiscal Year 2016 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and Fiscal Years 2016 -2020 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three (Downtown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2016 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and the Fiscal Years 2016 - 2020 CIP Budget for Reinvestment Zone Number Three (Downtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY16 TIRZ budgets and recommends approval of the FY16 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority (the Authority) and FY16 – FY20 CIP for Reinvestment Zone Number Three (the Zone).
Total Operating Budget for FY16 $57,478,135 which includes $7,300,733 for required fund transfers and $50,177,402 for Project Costs.
The FY16 – FY20 CIP Budget totals $61,615,473, and includes provisions for the design and construction of parks, plazas, Main Street pedestrian improvements, downtown shopping district improvements, a downtown public parking garage and the reconstruction of Allen Parkway at Buffalo Bayou Park.
The FY16 Operating Budget includes $40,615,473 for capital expenditures and $212,550 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget that exceed $400,000 require City Council approval.
The budget includes a municipal services cost payment in FY16 of $980,000 to pay for the incremental cost of providing services to the area.
The Department of Public Works and Engineering has reviewed the budget information and has provided input and recommendations accordingly. Generally, the five year CIP is consistent with last year’s CIP. The TxDOT Southeast Sidewalks project has been added for FY 16.
Attachments: FY16 Operating Budget and FY16-FY20 CIP Budget
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney