STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S): 13
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 Nine (Vickery Meadow 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 April 27, 2005, City Council authorized Ordinance No. 25964, as amended, establishing the Vickery Meadow TIF District. On December 14, 2005, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26181, as amended.
The Vickery Meadow TIF District’s 2022 assessed taxable value was $630,320,920.00. This represents an increase of $465,541,830.00 (283.0%) over the 2005 adjusted base year value of $164,779,090.00 and an increase of $64,783,657.00 (11.5%) over the taxable value for 2021. With the participation of the City and Dallas County, the increase over the base year value will result in 2023 tax year collection (from 2022 values) of approximately $3,329,239.00 in total incremental revenue for the District.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 27, 2005, City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Nine, the Vickery Meadow TIF District by Resolution No. 05-1360; and Ordinance No. 25964, as amended.
On December 14, 2005, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Vickery Meadow TIF District by Resolution No. 05-3542; and Ordinance No. 26181, as amended.
On December 13, 2022, the Vickery Meadow TIF Board of Directors recommended that the FY 2020-2021 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.