STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S): 9, 10, 13, 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 Fourteen (Skillman Corridor 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 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 October 26, 2005, City Council authorized Ordinance No. 26148, as amended, establishing Tax Increment Financing Reinvestment Zone Number Fourteen, (Skillman Corridor TIF District). On December 13, 2006, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 26534, as amended.
The Skillman Corridor TIF District’s assessed 2020 taxable value was $1,039,028,328.00 (and varies for other taxing jurisdictions due to exemption levels). This represents an increase of $703,071,017.00 or 209% over the base year (2005) value and a 16% increase over last year’s final value. The TIF District anticipates collecting approximately $7,237,443.00 in incremental tax revenue for tax year 2020 (collected 2021), of which $4,639,249.00 is the City’s contribution. The anticipated RISD portion totals $1,667,838.00, and 30% or $500,352.00 will be earmarked for the RISD Facility Improvements TIF budget line item pursuant to RISD’s interlocal agreement with the City.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On October 26, 2005, City Council authorized the establishment of Tax Increment Financing Reinvestment Zone Number Fourteen, the Skillman Corridor District TIF District by Resolution No. 05-3067; Ordinance No. 26148, as amended.
On December 13, 2006, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Skillman Corridor TIF District by Resolution No. 06-3434; Ordinance No. 26534, as amended.
On December 4, 2020, the Skillman Corridor TIF District Board of Directors recommended that the FY 2019-2020 Annual Report be accepted and approved.
The Economic Development Committee was briefed by memorandum regarding this matter on February 1, 2021. <http://cityofdallas.legistar.com/gateway.aspx?M=F&ID=8094264a-9e91-4f76-a134-897fb392fa9a.pdf>
FISCAL INFORMATION
No cost consideration to the City.