STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S): 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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A resolution accepting the FY 2021-2022 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Five (City Center TIF District or District) and authorizing the City Manager to submit the annual report to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District, and to the State Comptroller, as required by state law - Financing: No cost consideration to the City
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BACKGROUND
During FY 2021-2022, the City had 19 active tax increment financing (TIF) districts. State law (the Tax Increment Financing Act, Texas Tax Code, Section 311.016, as amended) requires that the City Council, as the City’s governing body, submit an annual report on the status of each reinvestment zone it has created to the Chief Executive Officer of each taxing unit that levies taxes on real property in the zone, as well as the State Comptroller. On June 26, 1996, City Council authorized Ordinance No. 22802, as amended, establishing Tax Increment Financing Reinvestment Zone Number Five (City Center TIF District). On February 12, 1997, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 23034, as amended.
The City Center TIF District's assessed tax value in 2022 was $1,940,139,196.00. This represents an increase of 187.5% ($1,265,387,702.00) over the assessed value of the adjusted base year value of $674,751,494.00 and an increase of 14.2% ($241,622,218.00) from the previous year 2021 value. The total revenue collected in 2023 from 2022 tax year values is expected to be $7,898,840.00.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 26, 1996, City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Five, the City Center TIF District by Resolution No. 96-2248; and Ordinance No. 22802, as amended.
On February 12, 1997, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the City Center TIF District, as amended by Resolution No. 97-0484; and Ordinance No. 23034, as amended.
On January 12, 2023, the City Center TIF District Board of Directors recommended that the FY 2021-2022 Annual Report be accepted and approved.
The Economic Development Committee was briefed by memorandum regarding this matter on February 6, 2023. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=11619890&GUID=E1A6EAE3-72D0-4665-B253-026DD5F2DB9B>
FISCAL INFORMATION
No cost consideration to the City.