STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 26, 2025
COUNCIL DISTRICT(S): 2, 6, 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 Seven (Sports Arena 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 October 28, 1998, the City Council authorized Ordinance No. 23688, as amended, establishing Tax Increment Financing Reinvestment Zone Number Seven (Sports Arena TIF District). On August 25, 1999, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 24002, as amended.
The Sports Arena TIF District's assessed 2024 taxable value was $2,289,334,298.00. This represents an increase of $2,225,603,929.00 (3,492.0%) from the 1998/2012 base year values and an increase of $115,825,273.00 (5.8%) from the previous year. This increase in District value above the base year values will result in the collection in 2025 of approximately $14,522,710.00 (City $14,115,488.00; County $407,263.00) in total increment revenue for the Sports Arena TIF District.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On October 28, 1998, the City Council held ...
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