STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S):|910|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 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
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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 May 27, 1998, 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 assessed 2022 tax value was $570,004,677.00, an increase of $534,290,586.00 over the adjusted base year. This property value change represents 1496.0% increase from the adjusted base value. The 2022 tax value increased $116,443,961.00 (25.7%) over the 2021 tax value. The total revenue collected in 2023 from 2022 tax year values is expected to be $3,586,265.00.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On May 27, 1998, City Council authorized the establish...
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