SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Uptown Development Authority and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (Uptown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for the Uptown Development Authority and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (Uptown 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 the Uptown Development Authority (the “Authority”) and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Sixteen (the “Zone”).
Total Operating Budget for FY17 is $93,182,232, which includes $27,820,681 for required fund transfers, and $65,361,552 for project costs.
The FY17 – F21 CIP Budget totals $163,175,000, and includes provisions for street and drainage improvements, park improvements, a bus rapid transit center, right-of-way acquisition, streetscape improvements, and traffic and parking studies.
The FY17 Operating Budget includes $48,985,000 for capital expenditures and $322,200 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendments. Adjustments to the Project Costs in the Operating Budget that exceed $400,000 require City Council approval.
The budget includes a municipal services cost payment in FY17 of $5,272,994 to pay for the incremental cost of providing services to the area and $250,000 for supplemental police services.
Attachments: FY17 Operating Budgets and FY17 – FY21 CIP Budget
CC:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Sr. Assistant City Attorney