STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S): 13
DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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A resolution accepting the FY 2018-2019 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Nine (Vickery Meadow 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
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BACKGROUND
Currently the City has 19 active tax increment financing (TIF) districts. State law (the TIF Act, Chapter 311 of the Tax Code) requires that the governing body of a city shall 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 April 27, 2005, City Council authorized Ordinance No. 25964, as amended, establishing Tax Increment Financing Reinvestment Zone Number Nine (Vickery Meadow TIF District). On December 14, 2005, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26181, as amended.
The Vickery Meadow TIF District's 2019 assessed taxable value was $546,792,670.00. This represents an increase of $382,013,580.00 (232%) over the 2005 adjusted base year value and an increase of $23,300,380.00 (4.5%) over the taxable value for 2018. With the participation of the City and Dallas County, the increase over the base year value will result in 2020 tax year collection (from 2019 values) of approximately $2,876,988.00 in total incremental revenue for the District.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 27, 2005,...
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