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HomeMy WebLinkAboutResolution - 2018-R0054 - North Overton TIF Annual Report - 01/25/2018Resolution No. 2018-RO05 4 Item No. 6.3 January 25, 2018 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock is hereby authorized and directed to execute for and on behalf of the City of Lubbock, the North Overton Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2016 through September 30, 2017, which will be distributed to the chief executive officer of each taxing unit levying taxes within the North Overton 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 25, 2018 ATTEST: DANIEL M. POPE, MAYOR V-� Qe "C "f -, -., — Rebe ca Garza, City SecTetary(j APPROVED AS TO CONTENT: Cheryl Brock, Executive Director of Budget APPROVED AS TO FORM: City Attorney ccdoc ES orth Overton Tax Increment Financing Reinvestment Zone — 2017 Annual Report December 18, 2017 Resolution No. 2018-RO05 4 North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2016 - September 30, 2017 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2016 — September 30, 2017 Table of Contents Introduction............................................................................................................................ FinancialReport ..................................................................................................................... AppraisedValues................................................................................................................... Tax Increment Fund Revenue................................................................................................ PerformanceReport ............................................................................................................... Boardof Directors.................................................................................................................. MasterPlan............................................................................................................................ BoundaryMap....................................................................................................................... t4uoo�bbkk TEXAS 2 3 3 3 4 5 6 7 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2016 — September 30, 2017 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 within 150 days of 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, 2018 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 13, 2017. 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, 2016 — September 30, 2017 Financial Report The net taxable value of the Zone is $54,561,371 for each taxing jurisdiction, an increase of $54,150,885 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 2017 Appraised Value $ 56,499,323 Zone 2017 Net Taxable Value 54,561,371 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 54,150,885 *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). Taxing Jurisdiction City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District #1 Total Fund Revenue Tax Increment Fund Revenue 2009 2017 Taxable 2017 Net Tax Rate Value Taxable Value 2017 Projected TIF Incremental Fund Revenue Net Taxable (100% Value Collection) $0.538020 410,486 54,561,371 54,150,885 $ 291,343 0.358158 410,486 54,561,371 54,150,885 193,946 0.112055 410,486 54,561,371 54,150,885 60,679 0.007500 410,486 54,561,371 54,150,885 4,061 $ 550,029 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2016 — September 30, 2017 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 2016-17, the Zone received $523,560 in revenues for value earned in 2016, and $17,508 in interest earned. Any variance to the actual amount from the amount reported in the FY 2015-16 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2016-17 are: Lubbock Business Park TIF Expenditures AdministrativeBondIssuance Expenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Charges Interest Expense Total Administrative Expenditures *Unaudited Expenditures To- FY 2 016-17 * Date 9,248 46,703 - 524 3,426 21,446 29 174 - (289) $ 12,702 68,557 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, 2016 — September 30, 2017 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: David Sharbutt Investor Term: 1/01/16 — 1/01/18 Council Appointee: Tony Whitehead Prosperity Bank Term: 1/01/16 — 1/01/18 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: David Allison, Chief Executive Office 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, 2016 — September 30, 2017 Lubbock Business Park Master Plan / ; g � � � ._ � :'i' .• .� it i 4 Y Y kR - i BS, 8 i tiw17 ? i� g :J 43622 IC _w. ! , � tor 27 LwaA araa� �# xs1 AC a 1 LBHA Ac ARp r 77111. + ; 4 _ Lw33 I anAti r a LEGEND twat LOT 2B tO 2 - A'WA AC LOT 2T A1aA a1R AG _ AOFA . 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