STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S): 2, 7, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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A resolution accepting the FY 2019-2020 Annual Report on the status of Tax Increment Financing Reinvestment Zone Number Twelve (Deep Ellum 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 June 22, 2005, City Council authorized Ordinance No. 26043, as amended, establishing Tax Increment Financing Reinvestment Zone Number Twelve (Deep Ellum TIF District), as amended. On April 12, 2006, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26304, as amended. On September 10, 2014, City Council amended the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 29469.
The Deep Ellum TIF District's assessed 2020 taxable value was $851,152,013.00. This represents an increase of $107,304,011.00 (14%) from the 2019 value and an increase of $661,989,400.00 (350%) from the base year value. The resulting total incremental revenue anticipated to be collected in 2021 (from 2020 values) is approximately $5,241,387.00.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
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