STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 26, 2025
COUNCIL DISTRICT(S): 1, 6
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 Fifteen (Fort Worth Avenue 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 13, 2007, the City Council authorized Ordinance No. 26798, as amended, establishing the Fort Worth Avenue TIF District. On March 26, 2008, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 27129, as amended.
The adjusted base year taxable value is $558,406,007.00. The Fort Worth Avenue TIF District's 2024 assessed taxable value was $1,491,858,425.00 (Dallas County assessed value varies due to exemption levels). This represents an increase of $933,452,418.00 (167.2%) over the base year value (2007 and 2023) and $178,142,721.00 (13.6%) increase over the 2023 taxable value. With the City and County's participation, the increase over the base value will result in the collection in 2025 of approximately $5,711,890.00 in total incremental revenue for the District for tax year 2024.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSION...
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