STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S): 1, 6
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 Fifteen (Fort Worth Avenue 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 13, 2007, City Council authorized Ordinance No. 26798, as amended, establishing the Fort Worth Avenue TIF District. On March 26, 2008, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 27129, as amended.
The Fort Worth Avenue TIF District’s 2022 assessed taxable value was $787,737,250.00. This represents an increase of $701,603,803.00 (814.6%) over the base year and $203,273,606.00 (34.8%) over the 2021 taxable value. With the City and County’s participation, the increase over the base value will result in the collection of approximately $4,503,977.00 in total incremental revenue for FY 2023 (from 2022 values) for the TIF District.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 13, 2007, City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Fifteen, the Fort Worth Avenue TIF District by Resolution No. 07-1805; and Ordinance No. 26798, as amended.
On March 26, 2008, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Fort Worth Avenue TIF District by Resolution No. 08-0926; and Ordinance No. 27129, as amended.
On December 6, 2022, the Fort Worth Avenue TIF District Board of Directors meeting was scheduled, but in the absence of a quorum no official action was taken. State law does not require TIF District Board action.
The Economic Development Committee was briefed by memorandum regarding this matter on February 6, 2023. <http://cityofdallas.legistar.com/gateway.aspx?M=F&ID=2a0c62a8-4079-4163-a856-97e70776de37.pdf>
FISCAL INFORMATION
No cost consideration to the City.