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Home My WebLink AboutResolution - 2003-R0523 - Resolution Authorizing North Overton TIF Annual Report - 11_17_2003Resolution No. 2003-RO523 November 17, 2003 Item No. 30 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and 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, 2002 through September 30, 2003, 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 Office of the Texas Attorney General. 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 this 17th day of November , 2003. T. J. PATTERSON, SENIOR COUNCIL MEMBER ATTEST: ecca Garza, City Secretary APPROV AS T ONTENT: Craig Farmer, Managing Director of Planning And Transportation APPROVED AS TO FORM: ohn Knig sgistaig City Attorney as/Cityatt/Jobn/Resolutions/Res-NO TIF Annual Report UE . I r7--Tir UMT6 am � r "�`� � ".fie.' k ^� � , 51`4 � �;.:T'�` l '�•"�:-Y"�''. 4 dTx •3 , wz Ew4 }. !°:+y i�^+�y �R A, d q .-�`".s y p"r�✓a�,ii 3 f , �cJ"R AA r _ "axwi' w� s,.- v,.w.-ms :.,.b[ .�w -.mkm. r: `� '" 'ram' ✓a J *�Y7 r u I'm n : r-r ov r ME 1 yy >< a R r _ �' � � jy` Y +�y� ..'� � r.'1w, ice" p` ' rT` •.-... � � ,.�� «..�«. `'';�.: w Ana&W Report Introduction............................................................................ 2 FinancialReport ..................... s..s.... #,.so.... moose .... moos... ... .............. 3 Appraised Values..................................................................... 3 Performance Report................................................................. 4 Board of Directors.................................................................... 5 Map........................................................................................ 6 ,Q 003 - 0-v623 Introduction Because the Lubbock City Council desires to promote the development of the North Overton area, it established the North Overton Tax Increment Financing Reinvestment Zone by ordinance on March 14, 2002. The zone was initiated by a petition of owners of more than 50% of the appraised value of land in the zone that was received on October 31, 2001. 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 to hear 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. This is the second annual report of the North Overton Tax Increment Financing Reinvestment Zone's activities. The report must be provided within 90 days of the end of the city's fiscal year (September 30), and a copy must be sent to the Office of the Texas Attorney General. The Texas Tax Increment Finance Act specifies that the report must include: 102 Amount and source of revenue in the tax increment fund established for the zone Amount and purpose of expenditures from the fund 11-31 Amount of Drincival and interest due on outstanding bonded indebtedness Tax increment base and current captured appraised value retained by the zone 13 Captured aoDralsed value shared by the city and other taxina units Total amount of tax increments received is 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 Lubbock City Council on upon the recommendation of the North Overton Tax increment Financing Reinvestment Zone Board of Directors on October 20, 2003. T. J. Patterson, Senior Council Member City Of Lubbock e&7%",**N North Overton Tax Increment Financing Reinvestment Zone 2003 Annual Report, Page 2 fi - 2D623 Financial Report According to the Lubbock CentralAppraisal District, tfie netappraised value of the North Overton Reinvestment Zone in 2003 was $37,694.761 for each taxing entity. However, exempdons and abatements by the City of Lubbock and other taxing jurisdictions lower the net taxable amount available to the Tax Increment Fund as indicated below, Appraised Values Taxable Value Increment By Taxing Jurisdiction City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District ,#1 *Current Captured Appraised Value Retained Zone Appraised Base Value, 2002 *Current Captured Appraised Value Shared Taxable Value Increment of 2003 Base Value $10,387,247 $10,459,647 $10,459,647 $10,459,647 $37,690,761 $26,940,604 $10,750,157 *The captured appraised value of real property taxable by a taxing unit for a year is the total appraised value of all real properly taxable by the unit and located in a reinvestment zone for that year less the tax increment base of the unit. Texas Tax Increment Finance Act Section 311.012(b). North Overton Tax Increment Financing Rein vestment Zone 2003 Annual Report, Page 3 2c)()3 - "e) Z3. Performance Report The Project and Financing Plans that were amended and approved by the North Overton TIF Board on May 8, 2003 and the Lubbock City Council on May 22, 2003 outline the financial strategy to accomplish the goal of the North Overton Tax Increment Finance Reinvestment Zone. The Financing Plan provides projections of the amount of revenue that may be received in the future and the potential project financing that revenue may support. The Project Plan describes the types of projects anticipated to occur in the district. Revenues There was no revenue received in 2003 because 2002 was the base year. The appraised values within the district total $37,690,761 after the 2003 tax roil was certified in July 2003, resulting in a current captured appraised value of $10,750,157. Revenue for 2003 will be received in the 2004 payment from the Lubbock Central Appraisal District. Expenditures and Projects No funds were expended from the Tax Increment Fund, as none were received for 2003. The City Council issued $3.795M in Certificate of Obligation Bonds to fund three public improvement projects. No principle or interest was due during 2003 on this debt. As of September 30, 2003, the City has expended $239,491 from the three TIF Fund Capital Projects. In addition, $216,846 for water and sewer improvements has been expended during 2002 and 2003 and these costs will be reimbursed with TIF Funds. All expenditures in these projects are as defined in the Texas Tax Increment Finance Act Section 311.002(1): (A) "capital costs," (D) "professional service costs," (G) "organizational costs," or (7) "implementation of the project plan." North Overton TIF ExpenditureReport (A) "capital costs," (D) "professional service costs," (G) "organizational costs," or (7) "implementation of the project plan." LTD LTD _ Pro ect Name Bud et _ .. Actual NORTH OVERTON PHASE I, PR07ECT 1 $92Q000 $179,98s THE CENTRE, PHASE 1, PROTECT 2 $1,645,000 $0 DINERSTEIN *2, PHASE 1, PROTECT 3 ' $1230,0( -$0 NORTH OVERTON ZONING PS $14,W . $ 4,194 NORTH OVERTON TIF CREATION PS $36,781 $45,312 NORTH OVERTON TIF BOARD ADMINI; 4,000 $0 WATER & SEWER IMPROVEMENTS $216 846 AL TIP REIMBURSAm owEND1Tt ns $456,337 r^1111,111%, North Overton Tax Increment Financing Reinvestment Zone 2003 Annual Report, Page 4 r^1111,111%, North Overton Tax Increment Financing Reinvestment Zone 2003 Annual Report, Page 4 -�7-0()3 - 2052- 3 Board of Directors Because the North Overton TIFReinvestment Zone was initiated bya petition of the property owners, by statute the board must consist ofnine members The Lubbock City Council appoints six board members, who must be at least 18 years of age and owners of real property in the TlFzone or employees or agents ofsomeone who owns property in the zone. The State Senator and State Representative for the zone or their designees are also board members, as are representatives of Lubbock County, the only school district or county levying taxes and participating in the TlFzone. The Board is responsible for administering the Tax Increment Finandng Reinvestment Zone throughout its 30year life span and for recommending projects to be financed with the approval of the City Council. City Council Representative: lack Driskill, Chair Attorney Term: 03/14/02 - 03/14/04 City Council Representative: Victor Hernandez City Councilman/Attorney Term: 03/14/02 — 03/14/04 City Council Representative: Walker Metcalf Attorney Term: 03/14/03 - 03/14/05 City Council Representative: Patrick Murfee, Vice -Chair Real Estate Appraisal Term: 03/14/02 - 03/14/04 City Council Representative: Don Rushing Real Estate/Investments Term: 04/24/03 - 03/14/05 City Council Representative: Margaret Taikington Businesswoman/Investments Term: 03/14/03 - 03/14/05 State Representative: Honorable Robert Duncan / Debby Hansard State Senator State Representative: Honorable Carl Isett State Representative Lubbock County Representative: Gilbert Flores County Commissioner/Businessman 9 � ft-" North Overton Tax Increment Financing Reinvestment Zone 2003 Annual Report, Page 5 No Text