STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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Authorize an amendment to Ordinance No. 26147, previously approved on October 26, 2005 to modify the composition of the board of directors for Tax Increment Financing Reinvestment Zone Number Thirteen (Grand Park South TIF District) in accordance with the Tax Increment Financing Act, as amended, V.T.C.A Texas Tax Code, Chapter 311 (the "Act") - Financing: No cost consideration to the City
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BACKGROUND
During the 2011 State legislative session, there were amendments to the Tax Increment Financing ("TIF") Act, as amended, V.T.C.A Texas Tax Code, Chapter 311 (the "Act") that impacted the composition of TIF district boards of directors. Prior to the 2011 amendments, the TIF Act allowed taxing entities (other than the City that created the TIF district) to have at least one representative on a TIF district board of directors (the "Board"), regardless of financial participation of the taxing entities. Effective September 1, 2011, only those taxing entities that have approved the payment of all or a portion of the tax increment produced by the taxing entity into the TIF fund for that district may appoint one member to the Board.
As a result of the 2011 TIF Act amendment, for most TIF districts including Grand Park South, the Dallas Independent School District (DISD), the Dallas County Community College District (DCCCD), and the Dallas County Hospital District (DCHD) are no longer eligible to appoint a board representative. Only the City and Dallas County have committed to financial participation in the Grand Park South TIF District. The total number of board members will be reduced to seven - an increase from five to six members for City appointment and Dallas County remaining with one appointment.
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