STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 26, 2025
COUNCIL DISTRICT(S): 2
DEPARTMENT: Office of Economic Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
A resolution accepting the FY 2023-2024 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Six (Farmers Market 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
Body
BACKGROUND
State law (the Tax Increment Financing Act (TIF), 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 May 27, 1998, the City Council authorized Ordinance No. 23521, as amended, establishing Tax Increment Financing Reinvestment Zone Number Six (Farmers Market TIF District). On August 25, 1999, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 24001, as amended.
The Farmers Market TIF District’s adjusted base year value is $35,714,091.00. The District’s certified assessed 2024 tax value was $640,051,148.00, an increase of $604,337,057.00 over the adjusted base year. This property value change represents a 1,692% increase from the adjusted base value. The 2024 tax value decreased $1,842,172.00 (-0.3%) over the 2023 final tax value. The District taxable value appears to have declined due to a delayed settlement between Dallas Central Appraisal District and the property owner on one significant property account. The total incremental revenue collected in 2025 from 2024 tax year values is expected to be $3,832,887.00.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On May 27, 1998, the City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Six, the Farmers Market TIF District by Resolution No. 98-1582; and Ordinance No. 23521, as amended.
On August 25, 1999, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Farmers Market TIF District by Resolution No. 99-2627; and Ordinance No. 24001, as amended.
The Board of Directors of the Farmers Market TIF District does not currently have the minimum five appointed members to convene a meeting; therefore, the FY 2023-2024 Annual Report is being forwarded to City Council without a Board recommendation. State law does not require Board action.
The Economic Development Committee was briefed by memorandum regarding this matter on February 3, 2025. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=13705678&GUID=66477A18-F821-499E-9AA2-90F4D0A3557D>
FISCAL INFORMATION
No cost consideration to the City.