STRATEGIC PRIORITY: Economic Development
AGENDA DATE: February 28, 2024
COUNCIL DISTRICT(S): 2, 7, 14
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
A public hearing to receive comments on the proposed amendments to the Project Plan and Reinvestment Zone Financing Plan ("Plan") for Tax Increment Reinvestment Zone Number Twelve, the Deep Ellum Tax Increment Financing ("TIF") District (the "TIF District") to: (1) increase the total budget for the Deep Ellum TIF District from $29,992,935.00 net present value (approximately $57,641,077.00 in total dollars) to $46,408,080.00 net present value (approximately $93,519,023.00 in total dollars); (2) redefine and reallocate budget categories; and (3) make corresponding modifications to the TIF District's Plan; and, at the close of the public hearing, consider an ordinance amending Ordinance No. 26043 previously approved on June 22, 2005, and Ordinance No. 26304 previously approved on April 12, 2006, as amended, to reflect these amendments - Financing: No cost consideration to the City
Body
BACKGROUND
The Deep Ellum TIF District was established by Ordinance No. 26043 on June 22, 2005, to assist in the transformation of the Deep Ellum area into a more diversified, pedestrian friendly, mixed-use neighborhood and improve the urban fabric and connections between Central Expressway and Fair Park.
The Deep Ellum TIF District's taxable value has increased 651% over the adjusted base year, accounting for $1,231,717,803.00 in captured taxable value. Given the strong property value growth, it is anticipated that the TIF District's $29,992,935.00 budget cap will be reached before the TIF District's scheduled termination at the end of 2027. In contrast, the abutting Grand Park South TIF District, which was also created in 2005 and is scheduled to terminate on December 31, 2035, has experienced only $87 million in captured ...
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