STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 26, 2025
COUNCIL DISTRICT(S): 2, 14
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 Five (City Center 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 June 26, 1996, the City Council authorized Ordinance No. 22802, as amended, establishing Tax Increment Financing Reinvestment Zone Number Five (City Center TIF District). On February 12, 1997, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 23034, as amended.
On December 31, 2022, the City Center Sub-District of the City Center TIF District expired, leaving only the Lamar Corridor/West End Sub-District (Sub-District) remaining active. The 2012 base year value of the Sub-District is $97,095,610.00. The 2024 assessed tax value for the Sub-District is $334,459,030.00. This represents an increase of $237,363,420.00 (244.5%) over the base year value. This increase will result in an estimated collection in 2025 of approximately $1,776,535.00 (City $1,505,430.00; County $271,105.00) in incremental revenue for tax year 2024. The Sub-District's ...
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