HomeMy WebLinkAboutResolution - 2005-R0561 - Authorize Central Business District TIF RZ Annual Report FY 2004-05 - 12/01/2005Resolution No. 2005-RO561
December 1, 2005
Item 6.8
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 Central Business District
Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2004 through
September 30, 2005, which will be distributed to the chief executive officer of each
taxing unit levying taxes within the Central Business District Tax Increment Financing
Reinvestment Zone, to the Comptroller of the State of Texas, 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 1st day of Dec er , 2005.
fvfAgYmkDOUGAL, MAYOR
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
Rob Allirn, Exec _ irector
Development Services
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
Lc: city att/Linda/Res-CBD Annual Report 2005
Central Business District
Tax Increment Financing
Reinvestment Zone
Annual Report
Central Business District
Tax Increment Financing
Reinvestment Zone
Annual Report
Table of Contents
Table of Contents .............................................. I .......... ........ ... 1
Introduction............................................................................ Z
FinancialReport....................................................................... 3
Appraised Values..................................................................... 3
Tax Increment Fund Revenue ................................................... 4
Performance Report................................................................. S
Board of Directors.................................................................... 6
Reinvestment Zone Boundary Map ............................................ 7
Introduction
Because the Lubbock City Council desires to promote the development of the Central
Business District area, it established the Central Business District Tax Increment
Financing Reinvestment Zone by ordinance on December 3, 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 fourth annual report of the Central Business
District 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:
M Amount and source of revenue in the tax increment fund established for the zone
101 Amount and purpose of expenditures from the fund
IS Amount of principal and interest due on outstanding bonded indebtedness
bra' Tax increment base and current captured aooraised value retained by the zone
�3 Captured annraised value shared by the city and other taxina units
113 Total amount of tax increments received
12 Anv 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 December 1, 2005 upon the recommendation of the Central Business District
Tax Increment Financing Reinvestment Zone Board of Directors on November 15, 2005.
arc McD gal, Mayor le Blosser, Chairman
City Of Lubbock Central Business District TIRZ Board of Directors
Central Business District Tax Increment Financing Reinvestment Zone
2005 Annual Report, Page 2
Financial Report
According to the Lubbock Central Appraisal District, the appraised value of
the Central Business District Reinvestment Zone in 2005 was $128,228,159
for each taxing jurisdiction. However, exemptions and abatements by the
City of Lubbock and other taxing jurisdictions lower the net taxable amount
available to the Tax Increment Fund as indicated on page 4.
Appraised Values
Zone 2005 Appraised Value (before $1281228,159
abatements and exemptions)
2001 Base Value $105,856,989
*Current Captured Appraised Value
Retained and Shared (Before $22,371,170
Abatements)
*The captured appraised value of real property taxable by a taxing unit for a year is the total
appraised value of all real property taxable by the unit and located in a rein vestment zone for
that year less the tax increment base of the unit. Texas Tax Increment Finance Act Section
311.012(b).
r^xl'
Central Business District Tax Increment Financing Reln vestment Zone
2005 Annual Report, Page 3
Tax Increment Fund Revenue
Taxing Jurisdiction/Tax 2001
Rate Appraised
Value
City of Lubbock/.44720 105,856,989
Lubbock 105,8561989
County/.26I623
Lubbock County Hospital 105,856,989
District/
.11034
High Plains Underground 105,956,989
Water Conservation
District #1/.00830
Total Fund Revenue*
2005 Net 2005 Net Tax Projected TIF
Taxable Value
Increment
Fund
Value
Revenue
(100%
Collections)
122,407,243
16,550,254
74,013
122,463,807
16, 606,818
43,447
122, 463, 807
16, 606, 818
18,323
122, 463, 807 16, 606, 818 1,378
137,161
*The actual amount collected by the TIF could vary due to uncollected taxes and retainage by
the Lubbock Central Appraisal District for collection services.
�1
Central Business District Tax Increment Financing Reinvestment Zone
2005 Annual Report, Page 4
Performance Report
The CBD TIF Board and City Council are operating with the First Amended Project and
Finance Plans approved by the CBD TIF Board on October 20, 2004 and the Lubbock
City Council on November 18, 2004. The Plans outline the financial strategy to
accomplish the goal of the CBD Tax Increment Finance Reinvestment Zone. The
Financing Plan provides projections of the amount of revenue that may be received in
the future. The Project Plan describes the types of projects anticipated to occur in the
district.
Revenues
The District received $78,558.02 in revenue for value earned in 2004 after the
deduction of $1,168.50 for collection services. Any variance in the actual amount from
the amount reported in the 2003-2004 Annual Report can be attributed to uncollected
taxes and retainage by the Lubbock Central Appraisal District for collection services.
The appraised values within the District total $128,228,159 after the 2005 TIF roll was
certified on October 18, 2005, resulting in a current captured appraised value of
$22,371,170. Revenue for 2005 will be received in the 2006 payment from the Lubbock
Central Appraisal District.
Expenditures and Projects
Administrative Expenditures
Description
2004-2005
Life -to -Date
Central Business District PS
23,754
Central Business District Board Admin
4,269
7,455
4,269
31,209
The current year expenditures were for professional services at $4,242 and office
supplies at $27.
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 or county
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.
Debt Service/Banded Indebtedness
No bonds have been issued in the CBD TIF.
Central Business District Tax Increment Financing Reinvestment Zane
2005 Annual Report, Page 5
Board of Directors
The Central Business District TIF Reinvestment Zone consists of one representative from each
of the jurisdictions that levy taxes within the zone and representatives appointed by the
municipality. In establishing the 77F Board, the City Council specified a nine -member board
with five members appointed by the Council. Council appointed Board representatives must be
at least 18 years of age and owners of real property in the TIF zone or qualified voters of the
municipality. The Board is responsible for administering the Tax Increment Financing
Reinvestment Zone throughout its 20-year life span and for recommending projects to be
financed with the approval of the City Council.
Council Appointee: Merle Blosser, Chair
Blosser Appraisal
Term: 1/10/04 - 1/10/06
Council Appointee: Tony Cardinal
Cardinal Sports
Term: 1/10/05 - 1/10/07
Council Appointee: Mike Davis
Watson Sysco Foods
Term: 4/28/05 - 1/10/07
Council Appointee: Brent Noble
Service Title
Term: 1/10/04 - 1/10/06
Council Appointee: Robert Taylor
R. C. Taylor Wholesale
Term: 4/28/05 - 1/10/06
Lubbock Independent School District Appointee:
Art Martin, Assistant Superintendent
High Plains Underground Water Conservation District Appointee:
Jim Conkwright, Manager
Lubbock County Hospital District Appointee and Designee:
Jim Courtney, Chief Executive Officer
Jeff Dane, Designee
Lubbock County Commissioners Court Appointee:
Honorable Tom Head, County Judge
Central Business District Tax Increment Financing Reinvestment Zone
2005 Annual Report, Page 6
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