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Home My WebLink AboutResolution - 2019-R0014 - Lubbock Business Park TIF Annual Report - 01/22/2019Resolution No. 2019-R0014 Item No. 8.7 January 22, 2019 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 Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2017 through September 30, 2018, which will be distributed to the chief executive officer of each taxing unit levying taxes within the Lubbock Business Park Tax Increment Financing Reinvestment Zone, 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 22, 2019 DANIEL M. POPE, MAYOR ATTEST: - Pob-A't Re t ca Garza, City Secr t APPROVED AS TO CONTENT: I -/-� I h <- - �-- Blu osteli ,Chief Financial Officer APPROVED AS TO FORM: L. ccdocs/RES. Lubbock Business Park Tax Increment Financing Reinvestment Zone — 2018 Annual Report January 4, 2019 Resolution No. 2019-R0014 bbock TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 - September 30, 2018 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 — September 30, 2018 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport .............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport........................................................................................................................ 4 Boardof Directors........................................................................................................................... 5 MasterPlan..................................................................................................................................... 6 BoundaryMap................................................................................................................................ 7 Lubbock rexAs City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 — September 30, 2018 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 150th 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 22, 2019 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 12, 2018. Daniel M. Pope, Mayor City of Lubbock 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, 2017 — September 30, 2018 Financial Report The net taxable value of the Zone is $56,788,191 for each taxing jurisdiction, an increase of $56,377,705 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 2018 Appraised Value $ 56,788,191 Zone 2018 Net Taxable Value 56,788,191 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 56,377,705 *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 2018 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2018 Taxable 2018 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.548020 410,486 56,788,191 56,377,705 $ 308,961 Lubbock County 0.348086 410,486 56,788,191 56,377,705 196,243 Lubbock County Hospital District 0.107143 410,486 56,788,191 56,377,705 60,405 High Plains Underground Water Conservation District #1 0.006700 410,486 56,788,191 56,377,705 3,777 Total Fund Revenue Page 3 $ 569,386 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 — September 30, 2018 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 2017-18, the Zone received $548,470 in revenues for value earned in 2017, and $32,471 in interest earned. Any variance to the actual amount from the amount reported in the FY 2016-17 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2017-18 are: Lubbock Business Park TIF 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- FY 2017-18 * Date 6,798 50,662 291 3,432 27,949 28 202 - (289) 500,000 500,000 $ 510,258 578,814 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, 2017 — September 30, 2018 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. In establishing the Board, the City Council specified nine members with five members appointed by the City Council. City Council appointed Board representatives must be qualified voters of the City and at least 18 years of age. 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: 1/01/17—1/01/19 Council Appointee: Sonny Garza City Bank Term: 1/01/17—1/01/19 Council Appointee: Les Gillit Standard Sales Term: 1/01/17 — 1/01/19 Council Appointee: SuzAnn Kirby Term: 1/01/18 — 1/01/20 Council Appointee: Tony Whitehead Prosperity Bank Term: 1/01/18 — 1/01/20 Lubbock Independent School District Appointee: Dr. Berhl Robertson, Superintendent 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 Mark Heinrich, County Commissioner Page 5 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 — September 30, 2018 Lubbock Business Park Master Plan i AlA-922 AC { c 1NNTER n i +}� COt. / LOT' or LOT 35 LOT 31 A9'fA . 283 Af MFA . fi.Po 14 i. 12.03 AC MU - 83, K NSA - U4 N: LOT) MU - 770 N: O '.. LOT U m LOT 31 �A-8.7T AC LOT 20 I OT aJ MU - 618 AC ;... LOT 2r NSA . &19 AC AFEF - t1.12 AC 1 z AREA - 4.10 M : LOroR MIA . a39 se Y +.,..... LOT 30 ¢, yy LOTS LOT n LOT 24 for z5 ARIA - LIM AC :a z (� 4 1 NSA . 14A8 AC I, NSA . 1218 N; AREA . 1229 AC NSA . 12.18 K LOT m /tSA . LVAC 9 ' 9.W M; , LOTb LOT 2Y tOTn S ' TT AC LOT AfiA EOAtl AC 40T21 NSA - fOAB AC NSA - 18iT AC ME{ . T0.87 Ki LiPTYd , - T438 k �` i LOT LOT, LOT ib LOTH LOTI4 NtfA . H3.a7 114 11m Ac MU, 1294 iL' :AREA Iq,58 AC ARp tA.26 AC i itM M I LOT ,a AwA -S LOT 12 ARU 20.23 AC URSULlh LOT u LOT 13 NSA _ 1114 1L`� 0 ifL NSA - 1114 AC � i= Page 6 LEGEND ROAM ROAMI4O AND LOG -REAPI LOTS LOTS NOUN PIWE SOUM RAISE LOT TO 9E RETAINED BY" IO AC rUTURE LUBBOCK FlRE DEPARTMENT NOTES ROM WIM N NOW PRISE TO BE ADATSTED CARING PHATRNG PROCESS TO MATCH PROPOSED STREET SECTION. WUN MDTN ROW ,on MH THIS PLAN PER LENT REQUEST. City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2017 — September 30, 2018 Reinvestment Zone Boundary Map LEGEND MDiA TM Business Park TIF Boundary ,�rlubli'ty of ock LEDA Developed Parcels 0 500 rtras Feet rt �� . 1: Page 7