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Home My WebLink AboutResolution - 2023-R0049 - Lubbock Business Park TIF Annual ReportResolution No. 2023-R0049 Item No. 7.9 January 24, 2023 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Council of the City of Lubbock does hereby approve the Lubbock Business Park Annual Report for October 1, 2021 through September 30, 2022, which will be distributed to the chief executive officer of each taxing unit levying taxes within the Lubbock Business Park, 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 ATTEST: Rebec a Garza, City Secre ary APPROVED AS TO CONTENT: /;�/ ft!�� I -A.4 Blu Ko;teVch, Chief inancial Officer APPROVED AS TO FORM: Idelli Leisure, Assistant City Attorney ccdocs/RES. Lubbock Business Park — 2022 Annual Report 1.9.23 January 24, 2023 Resolution No. 2023-R0049 oity of ck TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2021- September 30, 2022 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2021— September 30, 2022 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport.............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport........................................................................................................................ 4 Boardof Directors........................................................................................................................... 5 MasterPlan..................................................................................................................................... 6 BoundaryMap................................................................................................................................ 7 y� City of Lubbock TEAS City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2021— September 30, 2022 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 on or before the 150th day following 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 24, 2023 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on January 11, 2023. Tr ne, Mayor ty of Lubbock Sandy Henry 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, 2021— September 30, 2022 Financial Report The net taxable value of the Zone is $97,737,498 for each taxing jurisdiction, an increase of $97,327,012 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 2022 Appraised Value $97,737,498 Zone 2022 Net Taxable Value 97,737,498 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 97,327,012 *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 2022 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2022 Taxable 2022 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.476762 410,486 97,737,498 97,327,012 $ 464,018 Lubbock County 0.347720 410,486 97,737,498 97,327,012 338,426 Lubbock County Hospital District 0.103164 410,486 97,737,498 97,327,012 100,406 High Plains Underground Water Conservation District #1 0.004686 410,486 97,737,498 97,327,012 4,561 Total Fund Revenue Page 3 $ 907,411 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2021— September 30, 2022 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 2021-22, the Zone received $976,878 in revenues for value earned in 2021, and $19,047 in interest earned. Any variance to the actual amount from the amount reported in the FY 2020-21 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2021-22 are: Lubbock Business Park TIF Expenditures Capital Projects North King Street Project Ivory Street Total Capital Project Expenditures Administrative/Bond Issuance Expenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Charges Interest Expense Transfer to TIF CIP Total Administrative Expenditures *Unaudited Expenditures To- FY2021-22 Date - 680,000 368,059 2,730,824 $ 368,059 3,410,824 13,172 85,261.09 768 2,436.10 3,660 42,310.10 65 426.39 (288.79) - 3,945,503.00 $ 17,665 4,075,647.89 All expenditures are as defined in the Texas Tax Increment Finance Act Section 311.002(l): "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, 2021— September 30, 2022 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. The City Council specified nine members, and six members are appointed by the City Council. City Council appointed Board representatives must be at least 18 years of age and be a resident of the county in which the zone is located or a county adjacent to that county or own real property in the zone. 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: 3/01/21—3/01/23 Council Appointee: Sonny Garza City Bank Term: 3/01 /21 — 3/01 /23 Council Appointee: Tyler Young Texas Tech Credit Union Term: 3/01/21 — 3/01123 Council Appointee: Steven "Brett" Cate Term: 3/01/22— 3/01/24 Council Appointee: Tony Whitehead Prosperity Bank Term: 3/01/22— 3/01/24 Council Appointee: Dr. Kathy Rollo Term: 3/01/22— 3/01/24 High Plains Underground Water Conservation District Appointee and Designee: Jason Coleman, General Manager Lubbock County Hospital District Appointee and Designee: Mark Funderburk, Chief Executive Officer Designee: Jeff Dane Lubbock County Commissioners Court Appointee: Honorable Jason Corley, County Commissioner Page 5 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2021— September 30, 2022 Lubbock Business Park Master Plan East Kent Street 9.2 u.,. 8.8 10.5 12.9 12.9 AM �"P0"�0p ACRES ACRES ACRES ACRES .Baer Crop cwt34.1 ACRES Z Distributing ■'' Company ■' Lubbock Business Park Bc WesTx 0 o PackagingACRES �vbboi {agisti Center a 10.8 AM r� ACRESC � J 7.5 29 Aar ACRES East Ursuline Street Page 6 LETTER Z OF INTENT s 3 e r C Q) v Department of Public W Safety 10.2 AM 8.1 ACRES 32.1 ACRES 4c.RFyCJ. y��3 - ..� rA •i., l4 = i •-.ter ' .. _ - ,� ,� < PARKRD: + kTil GiL�l-ice LUROCKiBLSL' +$ z .i Ila X.i �' -rmu z-r�S'r '-�L-'_l i7 i '� � -�rw:u •1 y_ �y:•,.. �r 1 tier