The URL can be used to link to this page

Home My WebLink AboutResolution - 2022-R0062 - Lubbock Business Park TIF Annual Report 2020-2021Resolution No. 2022-R0062 Item No. 8.9 January 25, 2022 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Council of the City of Lubbock does hereby approve the Lubbock Business Park Annual Report for October 1, 2020 through September 30, 2021, which will be distributed to the chief executive officer of each taxing unit levying taxes within the Lubbock Business Park, and to the Comptroller of the State of Texas. Said Annual Report is attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council on January 25, 2022 L'- DANIEL M. POP , MAYOR ATTEST: Re cca Garza, City Sec et APPROVED AS TO CONTENT: Blu Koste ich, Chief Financial Officer APPROVED AS TO FORM: p1lieisure, lssistant�Cit'y Attorney ccdocs/RES. Lubbock Business Park 2021 Annual Report 1.18.22 Resolution No. 2022-R0062 IF Lubbock tEIAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 - September 30, 2021 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 — September 30, 2021 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport.............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport........................................................................................................................ 4 Boardof Directors........................................................................................................................... 5 MasterPlan..................................................................................................................................... 6 BoundaryMap................................................................................................................................ 7 City of Lubbock TEXAS City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 — September 30, 2021 Introduction The Lubbock City Council established the Lubbock Business Park Tax Increment Financing Reinvestment Zone (Zone) by ordinance on December 16, 2009 to promote the development of the Lubbock Business Park. The Zone was enacted after written notice and formal presentations to the governing body of each taxing unit that levies real taxes in the Zone, and after a properly advertised public hearing for public comments on the creation of the Zone. According to the Texas Tax Increment Finance Act Section 311.016, the City must submit an annual report to the chief executive officer of each taxing unit that levies taxes on property within a zone. The report must be provided on or before the 1501h day following the end of the City's fiscal year (September 30), and a copy must be sent to the Texas Comptroller of Public Accounts. The Texas Tax Increment Finance Act specifies that the report must include: ❑ Amount and source of revenue in the Tax Increment Fund (Fund) established for the Zone, ❑ Amount and purpose of expenditures from the Fund, ❑ Amount of principal and interest due on outstanding bonded indebtedness, ❑ Tax increment base and current captured appraised taxable value retained by the Zone, ❑ Captured appraised taxable value shared by the City and other taxing units, ❑ Total amount of tax increments received, and ❑ Any additional information necessary to demonstrate compliance with the Tax Increment Financing Plan adopted by the City. Distribution of this annual report was approved by resolution of the City Council on January 25, 2022 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on January 12, 2022. D4M.Mayor City of Lubbock �2�Gr�sz c�iL� Sandy Henry Lubbock Business Park TIF Board of Directors Page 2 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 — September 30, 2021 Financial Report The net taxable value of the Zone is $64,918,276 for each taxing jurisdiction, an increase of $64,507,790 over the 2009 base year. Exemptions and abatements by the City and other taxing jurisdictions lower the net taxable amount available to the Tax Increment Fund as indicated on this page. Appraised Values Zone 2021 Appraised Value $ 64,918,276 Zone 2021 Net Taxable Value 64,918,276 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 64,507,790 *The captured appraised value of taxable real property is the total appraised value of all real property taxable by the taxing unit and located in a reinvestment zone for that year, less the tax increment base of the taxing unit. Texas Tax Increment Finance Act Section 311.012(b). Tax Increment Fund Revenue 2021 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2021 Taxable 2021 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.523230 410,486 64,918,276 64,507,790 $ 337,524 Lubbock County 0.359990 410,486 64,918,276 64,507,790 232,222 Lubbock County Hospital District 0.103164 410,486 64,918,276 64,507,790 66,549 High Plains Underground Water Conservation District #1 0.005100 410,486 64,918,276 64,507,790 3,290 Total Fund Revenue $ 639,584 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 — September 30, 2021 Performance Report The Board and the City Council are operating with the Project and Finance Plans approved by the Board on December 10, 2010 and approved by the City Council on January 27, 2011. The Project Plan describes the types of projects anticipated to occur in the Zone. The Financing Plan provides projections of the amount of revenue that may be received in the future and how that revenue will be used to support potential projects. Revenues In FY 2020-21, the Zone received $616,259 in revenues for value earned in 2020, and $3,410 in interest earned. Any variance to the actual amount from the amount reported in the FY 2019-20 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2020-21 are: Lubbock Business Park TIFExpenditures Capital Projects North King Street Project Ivory Street Total Capital Project Expenditures Administrative/Bond Issuance Expenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Charges Interest Expense Transfer to TIF CIP Total Administrative Expenditures *Unaudited Expenditures To- FY2020-21 Date - 680,000 2,251,228 2,362,765 $ 2,251,228 3,042,765 10,184 72,089 657 1,668 3,583 38,650 69 362 (289) - 3,945,503 $ 14,494 4,057,983 All expenditures are as defined in the Texas Tax Increment Finance Act Section 311.002(1): "Project costs means the expenditures made or estimated to be made and monetary obligations incurred or estimated to be incurred by the municipality establishing a reinvestment zone that are listed in the project plan as costs of public works or public improvements in the zone, plus other costs incidental to those expenditures and obligations." Page 4 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 - September 30, 2021 Board of Directors The Zone consists of one representative from each of the jurisdictions that levy taxes within the zone and representatives appointed by the City. The City Council specified nine members, and six members are appointed by the City Council. City Council appointed Board representatives must be at least 18 years of age and be a resident of the county in which the zone is located or a county adjacent to that county or own real property in the zone. The Board is responsible for administering the Zone throughout its life span and for recommending projects to be financed with the approval of the City Council. Council Appointee: Sandy Henry, Chair Science Spectrum Term: 3/01/21 - 3/01/23 Council Appointee: Sonny Garza City Bank Term: 3/01/21 - 3/01/23 Council Appointee: Tyler Young Texas Tech Credit Union Term: 3/01/21 - 3/01/23 Council Appointee: Steven "Brett" Cate Term: 3/01/20- 3/01/22 Council Appointee: Tony Whitehead Prosperity Bank Term: 3/01/20- 3/01/22 Council Appointee: Dr. Kathy Rollo Term: 3/01/20- 3/01/22 High Plains Underground Water Conservation District Appointee and Designee: Jason Coleman, General Manager Lubbock County Hospital District Appointee and Designee: Mark Funderburk, Chief Executive Officer Designee: Jeff Dane Lubbock County Commissioners Court Appointee: Honorable Jason Corley, County Commissioner Page 5 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2020 — September 30, 2021 Lubbock Business Park Master Plan In OC Jill II -I • , �1,f tore, LOT �� ` AM-aaaPC I I4 itir- itm ut �`aa1 rc A11p Ac t any°: Ae A� 7T.70 Ac � 1 Il5 III I lama J m ; I ±` Eora1 No ran AC Ix I I �t M 4 6B AC i Stt a Ipi AIa - alF AO j �, taf Al = o AC � AIE11 - 920 AC Q � III IOTA U933 =25 tATa WA - 14A AC ARIA - 11� AC WTN AM - 12M AC t ARIA - IL1a AC LOT AREA - IN AC AREA - nae AC r I Z �■ tort Lamtart) tar 27 I IEr ACNEA - 10.r AC NU . lava AC AM . I&V AC AM - 10a7 AC IM -I&* AC ( _ tar. Imt wrn tory ton. .,aaAciAAG-natAc fAlp.ti9aAC�w-1arAC NG.,aaoAC tarot 1YEA - nas Ao LEGEND Dam RM 0 sm tits -KW worm 17fASE SOUm Pw for BE BEr u r Br LEDk to AC FUw1RE LUBM FNE CFPN UMENr Am. 7.N AC ,• l• NOTES �.. r 4 % /• G 1. BBIF NNm N Nlwllw MM To BE � TO VX B PROPO PLATTING rBacFss To PROPOSED i� - I C_ tarp SIIEEr I I LW w ..yy MK tin,a A1EA. 111. AC p� SWO N UWARd rM lUM l' _ J 1 NR . 1riF] AC AM FMEST. Page 6 'f`-��KErJT__-�-.f��.��r �r+j��,��z=�.�.i_lr=•ll: �ji°I-.��-{E��rt�.� _mil_: �I j • ftNiTIER =u', ' 1'T '.�a4� i r l ••h a '� I •j �' I f' '*� �l •,�.+ 9r. IBBOCK•.BUSINEES i?ARtcf ,'� �. .- ryrrta..»ir w �� r r '• _ �/ I �ti5. I Sri 1� �_ � ...-. � -..... — .---. - •� . ' � rlf 7j IIR5ULINF-O� �_ rit2 �;z. (`- r c�'Si" Ti1LANF w 1;J 4 !�� it Yyj�� L a^"I r ---�11.ir tr., n�uc.• .i Ali,.-1 r. .�i0 ,.j7�i�i -I II �' p TIF boundar 500 1 d