SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and Fiscal Years 2017 -2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Three (Downtown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority and the Fiscal Years 2017 - 2021 CIP Budget for Reinvestment Zone Number Three (Downtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY17 TIRZ budgets and recommends approval of the FY17 Operating Budget for Main Street/Market Square Redevelopment Authority d/b/a Downtown Redevelopment Authority (the “Authority”) and FY17 – FY21 CIP for Reinvestment Zone Number Three (the “Zone”).
Total Operating Budget for FY17 $34,907,411 which includes $8,473,638 for required fund transfers and $26,433,773 for Project Costs.
The FY17 – FY21 CIP Budget totals $37,635,473, 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 FY17 Operating Budget includes $17,635,473 for capital expenditures and $325,000 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 FY17 of $1,065,000 to pay for the incremental cost of providing services to the area.
Attachments: FY16 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