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HomeMy WebLinkAboutResolution - 2012-R0005 - LBP TIF RZ Annual Report - 01/12/2012Resolution No. 2012-R0005 January 12, 2012 Item No. 5.4 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 Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2010 through September 30, 2011, 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 12, 2012 , 2-W4. TOM MARTIN MAYOR ATTEST: Q -- 1�� JV - Rebe,Ka Garza, City Secretary (� APPROVED AS TO CONTENT: ,,,,,,IL-- Andy Burcham, Chief Financial Officer APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney Lc: city att/Linda/Res-LBPTIF Annual Report 2011 December 6, 2011 Resolution No. 2012—R0005 CA, �w4w, ity of lubbo&k TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2010 - September 30, 2011 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2010 — September 30, 2011 Table of Contents Introduction...................... ,....... .,.............. .,......... i_..... ................. i...... ...... .......... .,............... ........... 2 FinancialReport .....................................................................................................•...............,...A.. AppraisedValues .................. i,waa.ii............a.i. e... ai.... Mi................... r.......g TaxIncrement Fund Revenue ....... ....»...............•..._.............•.........,.........................•«a.....gp.•.W.Mp}� PerformanceReport ..................r.....................n.......us........«......i.••.,....../.a.a...aa...••r.r....... a..•rs 1,. r.eT Boardof Directors........................................................................................................................... MasterPlan.......................................................................•.........,..N..,.....,,.......,,.•....................,..�..fi BoundaryMap.................................................................................................................................7 0INY& city of lubbock' City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2010 — September 30, 2011 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 120 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 12, 2012 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 19, 2011. Tom Martin, Mayor Sandy Henry City of Lubbock 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, 2010 — September 30, 2011 Financial Report The net taxable value of the Zone is $25,888,196 for each taxing jurisdiction, an increase of $25,477,710 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 2011 Appraised Value $ 37,053,082 Zone 2011 Net Taxable Value 25,888,196 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 25,477,710 *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 2011 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2011 Taxable 2011 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.474000 410,486 25,888,196 25,477,710 120,764 Lubbock County 0.329458 410,486 25,888,196 25,477,710 83,938 Lubbock County Hospital District 0.120720 410,486 25,888,196 25,477,710 30,757 High Plains Underground Water Conservation District #1 0.007760 410,486 25,888,196 25,477,710 1,977 Total Fund Revenue $ 237,436 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2010 — September 30, 2011 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 2010-11, the Zone received $19,094 in revenues for value earned in 2010. Any variance to the actual amount from the amount reported in the FY 2009-10 Annual Report can attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The only expenditures incurred in FY 2010-11 are $3,062 for administrative costs and supplies, $20 for LCAD collection costs, and $2,601 for Board insurance. 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, 2010 — September 30, 2011 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: 3/25/10 — 1/01/12 Council Appointee: Kenny McKay Lubbock Economic Development Alliance Term: 1/14/10 — 1/01/12 Council Appointee: Les Gillit Standard Sales Term: 3/25/10— 1/01/12 Council Appointee: David Sharbutt Investor Term: 1/14/10 — 1/01/12 Council Appointee: Tony Whitehead American State Bank Term: 1/14/10 — 1/01/12 Lubbock Independent School District Appointee: Dr. Berhl Roberson, Chief Administrative Officer High Plains Underground Water Conservation District Appointee and Designee: Jim Conkwright, Manager Designee: Sherry Stephens 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, 2010 — September 30, 2011 Lubbock Business Park Master Plan Eat Kent Street 38 39 40 41 42 43 44 45 46 0." K a." AC a.M AC 9.07 AC 2.97 AC 0.07 K 6,86 AC 0.93 AC 9.02 AC _ Eat Hunter Street 37 34 35 36 9-0AC &W1 AC 0.24 AC 7.70 AC 4 z z 33 20 99 AC ° 31 1 41.7r AC 28 29 27 a.19 AC 6.12 AC a.1a AC 4.10 AC 32 y J2200" a.a9 K 3 23 22 25 K v.2a AC Hein AC 74Aa AC 20 21 10.9a AC 10,37K 16 17 18 �sro U.0 AC 10-"AC 10.20AC 19 ".so AC End Vewar Street 15 7.a4 AC Fwb— Dwtw im e (■ 7.a2 AC 12 1>L14K .14K The Da" n9 a0lu AC 10 AC East UrsuBne street ® ©"Reilly Auto Parts WesTx Packaging © Standard Sales _ Monsanto ® Verizon Department of Public Safety z F. Existing road and utilities Extension of road and utilities (Completed "August 2011) Page 6 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2010 — September 30, 2011 Reinvestment Zone Boundary Map LEGEND 4O11rr Business Park TIF Boundary LEDA Dewbpad Parcel ° f°° % I F" r ity of 4lubbo&k r. Page 7