SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2017 - 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
RECOMMENDATION: (Summary)
City Council adopt an Ordinance approving the Fiscal Year 2017 Operating Budget for the Fourth Ward Redevelopment Authority and the Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for the Fourth Ward Redevelopment Authority (Authority) and the FY17 –FY21 CIP Budget for Reinvestment Zone Number Fourteen (Fourth Ward Zone).
The total Operating Budget for FY21 is $7,835,994, which includes $2,511,385 for required fund transfers and $5,324,609 for Project Costs.
The FY17 – FY21 CIP for the Zone totals $14,856,785. The CIP includes provisions for the design and construction of roadway and street reconstruction, pedestrian amenities, utility replacements/upgrades and historical monuments.
The FY17 Operating Budget includes $5,078,309 for capital expenditures and $211,300 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the budget in excess of $400,000 require City Council approval.
The FY17 Operating Budget includes a municipal services cost payment in FY17 of $98,501 for the incremental cost of providing services to the area.
Attachments: FY17 Operating Budget and FY17 – FY21 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney