STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
A resolution accepting the FY 2021-2022 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Four (Cedars 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
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 December 9, 1992, City Council authorized Ordinance No. 21492, as amended, establishing Tax Increment Financing Reinvestment Zone Number Four (Cedars TIF District). On April 9, 1997, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 23092, as amended. The Cedars TIF District will terminate on December 31, 2022 (including collection of the 2022 increment in calendar year 2023 and any related matters to be concluded in 2023).
The Cedars TIF District's assessed 2022 taxable value was $345,751,684.00. This represents an increase of $310,450,924.00 (879%) over the 1992 base year value of $35,300,760.00. The District's value increased by $32,667,811.00 (10.4%) over the previous year's final value. With the participation of the City and Dallas County, the District's valu...
Click here for full text