STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S): 1, 6
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 Fifteen (Fort Worth Avenue 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 to the State Comptroller. On June 13, 2007, City Council authorized Ordinance No. 26798, as amended, establishing the Fort Worth Avenue TIF District. On March 26, 2008, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 27129, as amended.
The Fort Worth Avenue TIF District's 2020 assessed taxable value was $524,639,547.00. This represents an increase of $438,506,100.00 (509%) over the base year and $98,662,504.00 (23%) over the 2019 taxable value. With the City and Dallas County's participation, the increase over the base value will result in the collection of approximately $3,471,951.00 in total incremental revenue for FY 2021 (from 2020 values) for the District.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 13, 2007, City Council authorized the establishment of Tax Increment Financing Reinvestment ...
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