STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S): 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 Nineteen (Cypress Waters 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 December 8, 2010, City Council authorized Ordinance No. 28074, as amended, establishing Tax Increment Financing Reinvestment Zone Number Nineteen (Cypress Waters TIF District). On June 8, 2011, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for this District by Ordinance No. 28224, as amended.
The Cypress Waters TIF District's assessed 2020 tax value was $749,891,407.00. This represents an increase of approximately $749,891,407.00 (1,049,724%) over the 2010 base year value of $71,437.00. The District’s value increased by $231,001,808.00 (40%) from the previous year’s value. This increase in district value will result in the collection I 2021 of approximately $5,936,980.00 (City - $4,948,196.00; County - $988,784.00) in incremental revenue for the District. The final amount of increment collected may increase as roll back taxes for 2020 are paid.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On December 8, 2010, City Council held a public hearing and authorized the establishment of Tax Increment Financing Reinvestment Zone Number Nineteen, the Cypress Waters TIF District by Resolution No. 10-3052; Ordinance No. 28074, as amended.
On June 8, 2011, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the Cypress Waters TIF District by Resolution No. 11-1545; Ordinance No. 28224, as amended.
On January 26, 2021, the Cypress Waters TIF District Board of Directors recommended 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. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=9102312&GUID=BF9D6CA5-2159-48A0-8F4A-45F0EDAC2A61>
FISCAL INFORMATION
No cost consideration to the City.