SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for the Greenspoint Redevelopment Authority and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) for Reinvestment Zone Number Eleven (Greater Greenspoint Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving the Fiscal Year 2017 Operating Budget for the Greenspoint Redevelopment Authority and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) for Reinvestment Zone Number Eleven (Greater Greenspoint 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 Greenspoint Redevelopment Authority (the “Authority”) and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) for Reinvestment Zone Number Eleven (the “Zone”).
Total Operating Budget for FY17 is $17,990,527 which includes $2,875,220 for required fund transfers, and $15,115,307 for project costs.
The FY17 – FY21 CIP Budget totals $53,250,000, and includes provisions for street and drainage improvements, park improvements, streetscape improvements, erosion control, and a Public Safety Campus.
The FY17 Operating Budget includes $10,290,000 for capital expenditures and $250,400 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 FY17 Operating Budget includes a municipal services cost payment in FY17 of $2,561,519 to pay for the incremental cost of providing services to the area.
Attachments: FY17 Operating Budgets and FY17 – FY21 CIP Budget
CC:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney