HomeMy WebLinkAboutResolution - 2004-R0549 - Resolution Authorizing Mayor To Execute North Overton Tax Increment Report - 11_04_2004Resolution No. 2004-RO549
November 4, 2004
Item No. 27
RESOLUTION
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor Pro Tem 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, 2003 through
September 30, 2004, 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 4th day of November , 2004.
TOM MARTIN, MAYOR PRO TEM
ATTEST:
Reb cca Garza, City Secretary Ky
APPRO AS TO NTENT:
Craig Fa er, anaging Director of Planning
And Transportation
APPROVED AS TO FORM:
Linda L. Chamales, Senior Attorney
Office Practice Section
Lcxityatt/Linda/Res-NO TIF Annual Report 2004
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Table of Contents
Introduction........................................... .............................. 2
FinancialReport.......................................................... a.... a .... ... 3
AppraisedValues..................................................................... 3
Tax Increment Fund Revenue ................................................... 4
Performance Report................................................................. S
Boardof Directors ........................................... 6
Map........................................................................................ 7
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 third 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:
13 Amount and source of revenue in the tax increment fund established for the
zone
Amount and purpose of expenditures from the fund
"His Amount of principal and interest due on outstanding bonded indebtedness
11-3 Tax increment base and current captured appraised value retained by the zone
13 Captured appraised value shared by the city and other taxing units
13 Total amount of tax increments received
ME 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 November 4, 2004 upon the recommendation of the North Overton Tax
Increment Financing Reinvestment Zone Board of Directors on October 20, 2004.
Tom Martin, Mayor Pro-Tem
City Of Lubbock
701
k riskill, Chairman
h Overton TIRZ Board of Directors
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North Overton Tax Increment Financing Relnvestment Zone
2004 Annual Report, Page 2
Financial Report
According to the Lubbock Central Appraisal District, the appraised value of
the North Overton Reinvestment Zone in 2004 was $47,07.Z971 for each
taxing entity, 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 2004 Appraised Value (before $47,072,971
abatements and exemptions)
2002 Base Value
$26,940,604
*Current Captured Appraised Value $20,132,367
Retained and Shared (before abatements
and exemptions)
*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
reinvestment zone for that year less the tax increment base of the unit. Texas Tax
Increment Finance Act Section 311.012(b).
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North Overton Tax Increment Financing Reinvestment Zone
2004 Annual Report, Page 3
Tax Increment Fund Revenue
Taxing lurisdictfon/Tan 2002 2004 Net 20M Net Tan Projected nF
Rate App lsed Taxable Value increment Fund
Value Value Revenue
(100%
Collections)
City of Lubbock/.45970 26,940,604 46,565,150 19,624,546 90,214
Lubbock County/ 26,940,604 46,587,950 19,647,346 50,272
.25587
Lubbock County Hospital 26,940,604 46,587,950 19, 647,346 21,105
District/
.10742
High Plains Underground 26,940,604 46,587,950 19,647,346 1,631
Water Conservation
District #1/.00830
rota/ Fund Revenue 163,222
9
North Overton Tax Increment Financing Reinvestment Zone
2004 Annual Report, Page 4
Performance Report
The North Overton TIF Board and City Council are continuing to operate with the Amended
Project and Finance Plans approved by the North Overton TIF Board on May 8, 2003 and the
Lubbock City Council on May 22, 2003. The Plans 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
The District received $94,556.74 in net revenue for value earned in 2003 after the deduction of
$980.40 for collection services. The appraised values within the district total $47,072,971 after
the 2004 tax roll was certified in August 2004, resulting in a current captured appraised value of
$20,132,367. Revenue for 2004 will be received in the 2005 payment from the Lubbock Central
Appraisal District.
Expenditures and Projects
On July 24, 2003, the City Council issued $3.795M in Certificate of Obligation Bonds to fund
three public improvement projects. The chart below illustrates the expenditures and balances in
the three construction Capital Projects.
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* To be reimbursed in 2005 bond issuance.
As of September 30, 2004, the City has expended $7,542 from the North Overton TIF Fund
Administrative Capital Project. Insurance expenses were $7,500 and meeting costs were $42.
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 (J) "implementation of the project plan."
North Overton Tax Increment Financing Reinvestment Zone
2004 Annual Report, Page 5
Board of Directors
Because the North Overton TIF Reinvestment Zone was initiated by a petition of the property
owners, by statute the board must consist of nine 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
TIF zone or employees or agents of someone 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 TIF zone. The Board is responsible for administering the Tax Increment
Financing Reinvestment Zone throughout its 30-year life span and for recommending projects
to be financed with the approval of the City Council.
City Council Representative: Jack Driskill, Chair
Attorney
Term: 03/14/04 - 03/14/06
City Council Representative: Richard Trussell
Broadway Church of Christ
Term: 03/14/04 - 03/14/06
City Council Representative: Walker Metcalf
Attorney
Term: 03/ 14/03 - 03/14/05
City Council Representative: Patrick Murfee, Vice -Chair
Real Estate Appraisal
Term: 03/14/04 - 03/14/06
City Council Representative: Don Rushing
Real Estate/Investments
Term: 04/24/03 - 03/14/05
City Council Representative: Steve Krier
Attorney
Term: 03/14/04 - 03/14/05
State Representative and Designee:
Honorable Robert Duncan, State Senator
Debby Hansard, Designee
State Representative:
Honorable Carl Isett, State Representative
Lubbock County Representative:
Gilbert Flores, Lubbock County Commissioner
North Overton Tax Increment Financing Reinvestment Zone
2004 Annual Report, Page 6
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