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Home My WebLink AboutResolution - 2024-R0030 - Central Busi. District Tax Increment Fin. Reinvestment Zone Annual Rpt 10.1.22 - 01/23/2024Resolution No. 2024-R0030 Item No. 6.5 January 23, 2024 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, 2022 through September 30, 2023, 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 January 23, 2024 TRAY PAn''NE. MAYOR ATTEST: Courtney Paz, City Secretary APPROVED AS TO CONTENT: Bl ostel' h, Chief Financial Officer APPROVED AS TO FORM: elli Leisure, Senior Assistant City Attorney ccdocslRES. Lubbock Business Park 2023 Annual Report 1.11.24 Resolution No. 2024-R0030 _ � ;� r � City of u oc TEzss Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2022 - September 30, 2023 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2022 — September 30, 2023 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport .............................................................................................................................. 3 AppraisedValues ............................................................................................................................ 3 Tax Increment Fund Revenue ......................................................................................................... 3 PerformanceReport ........................................................................................................................ 4 Boardof Directors ........................................................................................................................... 5 MasterPlan ..................................................................................................................................... 6 BoundaryMap ................................................................................................................................ 7 �r. _ �-�, ► City of Lubb o ck � TEXAS City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2022 — September 30, 2023 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. The termination of the Zone shall occur on December 31, 2039. 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 150�' day following the end of the City's fscal 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 23, 2024 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on January 10, 2024. I ��iJ�v`��- � /��1� yne, Mayor andy Henry 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, 2022 — September 30, 2023 Financial Report The net taxable value of the Zone is $100,592,706 for each taxing jurisdiction, an increase of $100,182,220 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 2023 Appraised Value Zone 2023 Net Taxable Value Less: 2009 Base Value Current Captured Net Taxable Value Retained and Shared * $100,592,706 100,592,706 410,486 $ 100,182,220 *The captured appraised value of taxable real property is the total appraised value of all real property taxable by the ta�cing unit and located in a reinvestment wne for that year, less the tax increment base of the t�ing unit. Texas Tax Increment Finance Act Section 311.012(b). Tax Increment Fund Revenue 2023 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2023 Taxable 2023 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District #1 Total Fund Revenue $0.480164 410,486 0347507 410,486 0.103164 410,486 0.004200 410,486 100,592,706 100,182,220 $ 100,592,706 100,182,220 ] 00,592,706 100,182,220 481,039 348,140 103,352 100,592,706 100,182,220 4,208 $ 936,739 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2022 — September 30, 2023 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 2022-23, the Zone received $906,322 in revenues for value earned in 2022, and $54,422.35 in interest earned. Any variance to the actual amount from the amount reported in the FY 2021- 22 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2022-23 are: Lubbock Business Park T'�arpenditures IS�cpenditures Ta FY2022-23 Date Capital Projects North King Street Project $ 23,034 703,034 Business Pazk Median Irri�tion 708,214 708,214 Total Capital Project Expenditures $ 731,249 1,411,249 AdministrativeBondlssuance Fxpenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Chaz�es Interest Expense Transfer to TIF CIP Total Administrative Expenditures 17,839 103,100 960 3,396 3,922 46,232 75 501 - (289) 1,272,699 5,218,202 $ 1,295,494 5,371,142 *Unaudited 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, 2022 — September 30, 2023 Board of I]irectors 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/O1/23 — 3/O1/25 Council Appointee: Sonny Garza City Bank Term: 3/O1/23 — 3/O1/25 Council Appointee: Tyler Young Texas Tech Credit Union Term: 3/Ol/23 — 3/O1/25 Council Appointee: Steven "Brett" Cate Term: 3/O1/22— 3/O1/24 Council Appointee: Tony Whitehead Prosperity Bank Term: 3/O1/22— 3/O1/24 Council Appointee: Dr. Kathy Rollo Term: 3/O1/22— 3/01124 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, 2022 — September 30, 2023 Lubbock Business Park Master Plan East Kent Street 9.2 ��f 8.8 10.5 12.9 12.9 ACRES Cmporatton ACRES ACRES ACRES ACRES � 1 • , - Buyer Crop Science �. � . 14.4 ': , : AC&ES - . Amazon obock Buainess Park Boulevard � � � � TBC �, Lubbock <n'� Beaut o Logistics `^ Suppl Center II � a �: G � m . •, �� LETTER Z OF �, INTENT �' � � r C � � � �� v Department � of Public � Safety � •- ----• 10.8 ACRES Sleirt�waa. °�`°�"°" 7.5 29 Badn ACRES ACRES East Ursuline St�eet 8.1 ACRES J�� ; �.,v�,� Page 6 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2022 — September 30, 2023 Reinvestment Zone Boundary Map Lubbock Business Park TIF ; �'��rC ti� �.a��i��€� �� = � ��s��•� ti a_ , ' � ' '��:, •c�e�t�d c�� a �'��i��'�:': �'.�� y��' �f� �� : ,. K . '� ,.�:..;�, , �;;;.� ; � , f_ ..� ° ,`:rF�: ' ��y'�.�.:�*_ � �. -r� :�� £'��.� - �� i�� m�.. +; � �.:'�;.��- _ ,-`'",.�', � "r _ = :� ,- ��-�°. .�.. �� . �'. r::1[:: � � .._.._ • . -._ � . � ' ;�� i ;. f. 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