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Home My WebLink AboutResolution - 2020-R0046 - Lubbock Business Park Annual Report - 01/28/2020 Resolution No. 2020-R0046 Item No. 7.17 January 28, 2020 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, 2018 through September 30, 2019, 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 28, 2020 lzl— DANIEL M. POPE, MAYOR TTEST: eb c a Garza, City Secrc r PPROVED AS TO CONTENT: f lu ostelich, Chief Financial Officer PPROVED AS TO FORM: elli Leisure, Assistant City Attorney cdocs/RES.Lubbock Business Park—2019 Annual Report 1.1-{.20 Resolution No. 2020-R0046 11! City of Lubbo c TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2018 - September 30, 2019 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1,2018—September 30,2019 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport.............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport........................................................................................................................4 Boardof Directors........................................................................................................................... 5 MasterPlan ..................................................................................................................................... 6 BoundaryMap ................................................................................................................................ 7 ! � CRY of Lubbock rexAs City of Lubbock,TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2018—September 30,2019 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 Ludt that levies taxes on property within a zone. The report must be provided on or before the 150t" 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 28, 2020 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on January 16, 2020. L y ' Daniel M. Pope, Mayor Sandy Henry / City of 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 1,2018—September 30, 2019 Financial Report The net taxable value of the Zone is $57,258,225 for each taxing jurisdiction, an increase of $56,847,739 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 2019 Appraised Value $ 57,258,225 Zone 2019 Net Taxable Value 57,258,225 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 56,847,739 *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 2019 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2019 Taxable 2019 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.558020 410,486 57,258,225 56,847,739 $ 317,222 Lubbock County 0.339978 410,486 57,258,225 56,847,739 193,270 Lubbock County Hospital District 0.105186 410,486 57,258,225 56,847,739 59,796 High Plains Underground Water Conservation District#1 0.006300 410,486 57,258,225 56,847,739 3,581 Total Fund Revenue $ 573,869 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1,2018—September 30,2019 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 2018-19, the Zone received $568,206 in revenues for value earned in 2018, and $57,931 in interest earned. Any variance to the actual amount from the amount reported in the FY 2017-18 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2018-19 are: Lubbock Business Park TIF Expenditures Expenditures To- FY 2018-19 * Date Capital Projects North King Street Project $ 392,833 392,833 Administrative/Bond Issuance Expenditures Administrative Administrative Costs 6,358 57,020 Office Supplies - 291 Professional Services 3,592 31.541 LCAD Collections Charges 28 230 Interest Expense - (289) Transfer to TIF CIP 180,000 680,000 Total Administrative Expenditures $ 189,979 768,794 *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 1,2018—September 30,2019 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. 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 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: 1/01/19-3/01/21 Council Appointee: Sonny Garza City Bank Term: 1/01/19-3/01/21 Council Appointee: Les Gillit Standard Sales Term: 1/01/13-3/01/21 Council Appointee: SuzAnn Kirby Term: 1/01/18-3/01/20 Council Appointee: Tony Whitehead Prosperity Bank Term: 1/01/18-3/01/20 Council Appointee: Dr. Kathy Rollo Term: 4/23/19—3/01/20 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 Chad Seay, County Commissioner Page 5 City of Lubbock,TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2018—September 30,2019 Lubbock Business Park Master Plan 1 8 S kiwt ST: • I Lara !// :\ NZl Yl]AC I . `I _ AREA-7099 K LOT LOr3/ LOT 39 LOT 38 ' I, AREA-120.7 K AFA.831 AC AREA.828 K AREA-770 AC __—... LOT3311 m LEGEND NEA o'"AO III K I c•. LOT 28 � ' A-IL 1 47" 1 LOT 21 HFA-Q19 k IOTA AREA.QIB K I•�: AREA-IIA2 AC = CIETINO RM F ____-.11�'NSA-1.10 AC LOT32 Y Ali LOTS I. I: I- LOT]D AQfA-83Y K J -- ARP-BA2 K L W LOTS - 'AOT tor] I _ LOT 7C LOTZ -- LOTO I J SRI P E 1 NFA•f1.�8 K NEA-iLB K NEA-1221 at NEA-17.18 K Lor28 AWA 940 AC Z AREA-7a9 u YUCCA LANE::: LOT TO BE REDURED r i BY LSA R 1 Lor] Lor 2, Lo172 S 10 AC FUTURE b3A.IISD K 1x12 loi T] ! LOT _ AREA.1087 K 1057 K A,iP-10.57 K NFA� K � I �� ARP-10.98 K I)C . ., AAJ� Lm 1s ''•, LOT❑. ..Lor 19 Lara LAT, -. .-. - -I I• ARP-1].90 K �'�A'CA.11.02 K NFFA o 12.iD AC !AEA-ICLW K NFA-ID20 AC i EC T9 i 1 NFA-1130AC I .. NOTES ROW WIDTH IN PK$SE TO BE _'.Sf01N A "3 �s I ADJUSTED DIIPoRG PIATTL PRO= TRAcr ^^ C'-g 1 � ...'I A $L ... Loi, C TO WTCFI PROPOSED STRUT ,or"' ...- LOT 13 LOT,] '�A•13.11 ACY� '�'fr�.ys� S11DW11 N DK PLAN PER LEDL ALFA- =nx www w5w Row 20M K 'NZ1-1811 AC �1T' � LEOUEST. E.URSULINE SY _ 1 ] Ae9a-12 S Page 6 City of Lubbock,TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2018—September 30,2019 Reinvestment Zone Boundary Map 7. T A � �r ✓I fro, W919, rT4 r P f Y..■dira 4 f �r'I 111!1' ao I ��LC{! .FIGdy. .�° �° �llrlRi�'etlTlt7 �L.. 1 G �_ •rhe ��4 r�� 1. �3��^a�pg t� @I�n� t ! ,I,i rll �l� Q TIF boundary y N _ Cily u M�Ly1tK]I CM71." I.�M'(o{,f M1T.114fv1[75N:1!lM'tia+"� -Lubbock 0 500 1 Ur..IO 2.000 'u..Nein la la l,Nnrot�rw�...1 yr.t te.l w Na(VlaC itG Nrl':4i{G kyY GMDNLa:Uh�eN{nlr�.G �'t•f_�+.�nf'Ti::'�11a 11+1 RO.OMI-'CSff JI(n.J-9wM Slhp.yl�ra ng;a4:C i.V Feet Page 7