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Home My WebLink AboutResolution - 2004-R0550 - Resolution Authorizing Mayor To Execute Central Business District TIF Report - 11_04_2004Resolution No. 2004-RO550 November 4, 2004 Item No. 26 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, 2003 through September 30, 2004, 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 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 c4 2004. MCDOUGAL,/MAYOR ATTEST: Re ecca Garza, City Secretary APPRO AS TO TENT: Craig FarqGr, Managing Director of Planning And Transportation APPROVED AS TO FORM: Linda L. Chamales, Senior Attorney Office Practice Section Lc: city att/Linda(Res-CBD Annual Report 2004 — :\§�: J ■Zf .» f ■ Resolution No. 2004-RO550 November 4, 2004 Item No. 26 Table of Contents Tableof Contents.......................................................... . ......... 1 Introduction....................................................................... a.... 2 Financial Report, ...................................................................... 3 Appraised Values..................................................................... 3 Tax Increment Fund Revenue ................................................... 4 PerformanceReport................................................................. 5 Board of Directors.................................................................... 6 Reinvestment Zone Boundary Map ............................................ 7 iB 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 third 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: 10. Amount and source of revenue in the tax increment fund established for the zone 01 Amount and purpose of expenditures from the fund 101 Amount of principal and interest due on outstanding bonded indebtedness a: Tax increment base and current captured appraised value retained by the zone Captured appraised value shared by the city and other taxing units 10 Total amount of tax increments received 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 Central Business District Tax Increment Financing Reinvestment Zone Board of Directors on October 20, 2004. M yor a Blosser, Chairman Of Lubbock Central Business District TIRZ Board of Directors Central Business District Tax Increment Financing Reinvestment Zone 2004 Annual Report, Page 2 Financial Report According to the Lubbock Central Appraisal District the appraised value of the Central Business District Reinvestment Zone increased $15,475,365 for each taxing jurisdiction, Appraised Values Zone 2004 Appraised Value (before $116,8511419 abatements and exemptions) 2001 Base Value $10113761054 *Current Captured Appraised Value Retained and Shared (Before $15,475,365 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). ,y Central Business District Tax Increment Financing Reinvestment Zone 2004 Annual Report, Page 3 Tax Increment Fund Revenue Tax/ng lurlsdlction/Tax 2001 20" Net 20" Net Tax Pmjecled TIF Rate Appraised Taxable Value Increment Fund Value Value Revenue (100% Collections) City of Lubbock/.45970 Lubbock County/.25587 Lubbock County Hospital District/ .10742 High Plains Underground Water Conservation District #1/.00830 Total Fund Revenue 101,376,054 115,844,153 14,468,099 66,510 101,376,054 115,900,353 14,524,299 37,163 101, 376, 054 115, 900, 353 14, 524, 299 15,602 101, 376, 054 115, 900, 353 14, 524, 299 1,206 120,481 rr %7",?w% Central Business District Tax Increment Financing Rein vestment Zone 2004 Annual Report, Page 4 Performance Report Revenues In February 2004, the Central Business District TIF received $56,028.79 in revenues from the Lubbock Central Appraisal District. This is the amount collected minus any collection charges. Any variance in the actual amount from the amount reported in the 2002-2003 Annual Report can be attributed to uncollected taxes and retainage by the Lubbock Central Appraisal District for collection services. Expenditures and Projects As of September 30, 2004, the City had expended $ 3,186 from the CBD TIF Board Administrative Capital Project Fund. These expenses were for professional services at $2,967 and office supplies at $219. These expenditures are considered to be TIF allowable project costs as defined in the Texas Tax Increment Finance Act, Section 311.002(1): (D) "professional service costs," and (G) "organizational costs," Central Business District Tax Increment Financing Rein vestment Zone 2004 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 TIF Board, the City Council specified a nine -member board with five members appointed by the Council. Council appointed Board representatives must be qualified voters of the municipality or at least 18 years of age and owners of real property in the 77F zone. 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 Real Estate Appraisal Term: 1/10/04 - 1/10/06 Council Appointee: R.J. Givens Real Estate Term: 1/10/03 - 1/10/05 Council Appointee: Bob Greenhill TNM & 0 Coaches Term: 1/10/03 - 1/10/05 Council Appointee: Brent Noble Land Title Escrow Officer Term: 1/10/04 - 1/10/06 Council Appointee: Jim Shearer, Vice -Chair Executive Director, CenterCorp Term: 1/10/04 - 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 Dereesa Purtell, Vice -President Lubbock County Commissioners Court Appointee: Honorable Tom Head, County Judge Central Business District Tax Increment Financing Reinvestment Zone 2004 Annual Report, Page 6 it ts lowhatirmb nil min 1111111MI IVIII idiNdy Almr, ;fWa zA i 5,0 TA4, W�W skn Hill, Ou *7 IN Willill uFlli!drtll Oil Will 1411 7- sit �PVITNXRW Z Yi, al I II'm It 741W., "M� 1% 5-ri 04A u Willi, 01 . , �x - 11 M, a, VI, Siteran Av A "t"11, z - I --O ,Z kv lisw 111111 ft 9 fill 11,111 Ifill; IRIEFAIN 71to 11111111 fiat, SwAlibum million AN% !I 115111411fit LSw P1411111111 rJ1111N111r 111t11r1 flifillwi 11(jull !wIffillif Iris 111411111VAS 4111M :nFnnrdu NWAIN11111 N11111111r Jillfilklill 111411111 if Bill 11110 MUNIPM rJ111111111! oat MIN Its 0111111% !2 n ffill 11mi nail i MIT ...... 81 . 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