Background:
SUBJECT: Ordinance approving the Fiscal Year 2018 Operating Budget for the East Downtown Redevelopment Authority and the Fiscal Years 2018 - 2022 Capital Improvement Plan (CIP) Budget for Reinvestment Zone Number Fifteen (East Downtown Zone).
RECOMMENDATION: (Summary)
City Council to adopt an ordinance approving the Fiscal Year 2018 Operating Budget for the East Downtown Redevelopment Authority and Fiscal Years 2018 - 2022 CIP Budget for Reinvestment Zone Number Fifteen (East Downtown Zone).
SPECIFIC EXPLANATION:
The Administration has undertaken a comprehensive review of the proposed FY18 TIRZ Budgets and recommends approval of the FY18 Operating Budget for the East Downtown Redevelopment Authority (the “Authority”) and the FY18 – FY22 CIP Budget for Reinvestment Zone Number Fifteen (the “Zone”).
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Total Operating Budget for FY18 is $19,331,435 which includes $1,111,788 for required fund transfers and $18,219,647 for Project Costs.
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The FY18 – FY22 CIP totals $29,570,396 and includes provisions for the design and reconstruction of roadway and streets, pedestrian safety improvements, mobility improvements and utility upgrades and replacements.
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The FY18 Operating Budget includes $15,751,061 for capital expenditures and $109,500 for administration and overhead. The Authority must advise the Chief Development Officer of any budget amendment. Adjustments to the budget in excess of $400,000 require City Council approval.
Attachments: FY18 Operating Budget and FY18 – FY22 CIP Budget
cc:
Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney