HomeMy WebLinkAboutResolution - 2010-R0634 - Lubbock Business Park TIF Annual Report For Fiscal Year 2010 - 12/15/2010Resolution No. 2010-RO634
December 15, 2010
Item No. 5.34
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, 2009 through
September 30, 2010, 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 December 15 , 2010.
TO MARTIN, MAYOR
ATTEST:
Reb ca Garza, City Secret
APPR VED S O CONTENT:
Rob Alliin; As�is --City Manager
Development Services
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
Lc; city att/Linda/Res-LBP TIF Annual Report 2010
November 30, 2010
Resolution No. 2010-RO634
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Lubbock Business Park Tax Increment Financing
Reinvestment Zone
Annual Report
October 1, 2009 - September 30, 2010
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
Table of Contents
Introduction..................................................................................................................................... 2
FinancialReport .............................................................................................................................. 3
AppraisedValues............................................................................................................................ 3
Tax Increment Fund Revenue......................................................................................................... 3
PerformanceReport ........................................................................................................................ 4
Boardof Directors........................................................................................................................... 5
MasterPlan..................................................................................................................................... 6
BoundaryMap................................................................................................................................ 7
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City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
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. This is the first annual report of the 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 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 December
15, 2010.
Tom Martin, Mayor
City of Lubbock
Page 2
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
Financial Report
The appraised value of the Zone increased $199,338 in value since the 2009 base year and the
taxable value increased $2,088,434 for each taxing jurisdiction. However, 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 2010 Market Value
Zone 2010 Net Taxable Value
$ 15,219,253
2,498,920
Less: 2009 Base Value 410,486
Current Captured Net Taxable Value Retained and
Shared * $ 2,088,434
*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).
Taxing Jurisdiction
City of Lubbock
Lubbock County
Lubbock County Hospital
District
High Plains Underground
Water Conservation District #1
Total Fund Revenue
Tax Increment Fund Revenue
2009
2010 Taxable 2010 Net
Tax Rate Value Taxable Value
2010
Projected TIF
Incremental
Fund Revenue
Net Taxable
(100%
Value
Collection)
$0.456170
410,486
2,498,920
2,088,434
9,527
0.329458
410,486
2,498,920
2,088,434
6,881
0.120810
410,486
2,498,920
2,088,434
2,523
0.007850 410,486 2,498,920 2,088,434 164
$ 19,095
Page 3
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
Performance Report
The proposed Project and Finance Plans were approved by the Lubbock Business Park TIF on
December 10, 2010, but have not been approved by the City Council. The proposed Plans will
be considered by the City Council in January 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
The market value of the Zone in 2010 was $15,219,253. The taxable value within the Zone for
the 2009 base year totaled $410,486. The taxable value increased to $2,498,920 in Tax Year
2010. The revenues for 2010, estimated at $19,095, will be received in 2011. There were no
revenues received in 2010.
Expenditures and Projects
No revenue was received in the Tax Increment Fund in 2010, so no funds were expended. The
Lubbock Business Park TIF has no bonded indebtedness.
Page 4
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
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 municipality. 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 municipality 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, 2009 — September 30, 2010
Lubbock Business Park Master Plan
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Page 6
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City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2009 — September 30, 2010
Reinvestment Zone Boundary Map
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Business Park TIF Boundaryb L/s��ft
LEDA Developed Parcels 0 600 1006
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Page 7