SUBJECT: Ordinance approving the Fiscal Year 2017 Operating Budget for Midtown Redevelopment Authority and the Fiscal Years 2017 – 2021 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Two (Midtown Zone).
RECOMMENDATION: (Summary)
City Council to adopt an ordinance approving the Fiscal Year 2017 Operating Budget for Midtown Redevelopment Authority and the Fiscal Year 2017 - 2021 CIP Budget for Reinvestment Zone Number Two (Midtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY17 TIRZ budgets. The Administration recommends approval of the FY17 Operating Budget for Midtown Redevelopment Authority (the “Authority”) and the FY17 – FY21 CIP Budget for Reinvestment Zone Number Two (the “Zone”).
Total Operating Budget for FY17 is $65,108,362 which includes $8,079,605 for required fund transfers and $57,028,757 for Project Costs.
The FY17 – FY21 CIP totals $130,737,234, and includes provisions for the design and construction of the Midtown Superblock Park, Superblock Parking Garage, Southeast neighborhood street reconstruction and Main Street enhancements.
The FY17 Operating Budget includes $41,280,219 for capital expenditures and $1,415,500 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 $781,263 to pay for the incremental cost of providing services to the area and $492,737 for supplemental police services.
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