PILLAR: Growing
AGENDA DATE: February 25, 2026
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
PRIORITY: Targeted Economic Growth
______________________________________________________________________
SUBJECT
Title
A resolution accepting the FY 2024-2025 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Ten (Southwestern Medical 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
*In alignment with Economic Development Incentive Policy.
Body
BACKGROUND
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, the City Council authorized Ordinance No. 25965, as amended, establishing Tax Increment Financing Reinvestment Zone Number Ten (Southwestern Medical TIF District). On January 11, 2006, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26204, as amended.
The Southwestern Medical TIF District's assessed 2025 taxable value was $416,271,246.00, an increase of $348,860,192.00 (517.0%) over the adjusted 2006/2020 base year taxable value ($67,411,054.00). The District's taxable value decreased by $10,775,928.00 (-2.5%) from the previous year. This increase in the District's taxable value over the base year taxable value will result in the collection in 2026 of approximately $1,322,564 in incremental revenue for the Southwestern Medical TIF District.
PRIOR ACTION/REVIEW (COUNCIL, ...
Click here for full text