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Home My WebLink AboutResolution - 2014-R0016 - Lubbock Business Park TIF Annual Report - 01/09/2014RESOLUTION 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, 2012 through September 30, 2013, 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 January 9 , 2014. 4GN 4CR6BERTSOIN, MAYOR ATTEST: Reb cca Garza, City Secret APPROVED AS TO CONTENT: Cheryl Brock, Executive Director of Budget APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney Lc; city att/Linda/Res-LBP TIF Annual Report 2013 December 18, 2013 ity of ock TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2012 - September 30, 2013 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2012 — September 30, 2013 Table of Contents Introduction.....................................................................................................................................2 FinancialReport ..............................................................................................................................3 AppraisedValues.............................................................................................................................3 Tax Increment Fund Revenue..........................................................................................................3 PerformanceReport .........................................................................................................................4 Boardof Directors...........................................................................................................................5 MasterPlan......................................................................................................................................6 BoundaryMap.................................................................................................................................7 N city of Lubbock TEXAS City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2012 — September 30, 2013 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 within 150 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 January 9, 2014 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 18, 2013. G/. rtson, Mayor ck 4,,� go 74""-"7 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, 2012 — September 30, 2013 Financial Report The net taxable value of the Zone is $38,390,344 for each taxing jurisdiction, an increase of $37,979,858 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 2013 Appraised Value $ 45,879,585 Zone 2013 Net Taxable Value 38,390,344 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 37,979,858 *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 2013 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2013 Taxable 2013 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.50441 410,486 38,390,344 37,979,858 $ 191,574 Lubbock County 0.34531 410,486 38,390,344 37,979,858 131,148 Lubbock County Hospital District 0.11844 410,486 38,390,344 37,979,858 44,984 High Plains Underground Water Conservation District #1 0.00810 410,486 38,390,344 37,979,858 3,076 Total Fund Revenue Page 3 $ 370,782 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2012 — September 30, 2013 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 2012-13, the Zone received $260,938 in revenues for value earned in 2012, and $219 in interest earned. Any variance to the actual amount from the amount reported in the FY 2011-12 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2012-13 are: Lubbock Business Park TIF Expenditures Administrative/Bond Issuance Expenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Charges Interest Expense Total Administrative Expenditures *Unaudited Expenditures FY2012-13 * To -Date 344 14,225 192 498 2,757 7,924 18 57 3,311 22,704 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 Tag Increment Financing Reinvestment Zone Annual Report October 1, 2012 — September 30, 2013 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 qualified voters of the City 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: 1/01/13 —1/01/15 Council Appointee: Sonny Garza City Bank Term: 1/01/13 —1/01/15 Council Appointee: Les Gillit Standard Sales Term: 1/01/13 —1/01/15 Council Appointee: David Sharbutt Investor Term: 1/01/12 —1/01/14 Council Appointee: Tony Whitehead Prosperity Bank Term: 1/01/12 —1/01/14 Lubbock Independent School District Appointee: Dr. Berhl Robertson, Superintendent High Plains Underground Water Conservation District Appointee and Designee: Jason Coleman, Manager 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, 2012 — September 30, 2013 Lubbock Business Park Master Plan Y0 6w Y 1 ,I NEA - 9d3 AC - LOT34 "nu LOT98 g ARE1 - 931 AC NEA - 814 AC NEA - 7.70 ACLOT11 m Ic LOT31 N n AC T LEGEND WTZB L0T20 NEA - 416 AG 11 LOT 27 NEA - 419 AC AAFA - 412 IC I DWNG ROADS AREA - 4.10 AC i "1 LOTffi Y AND 1D15 ❑ ---AELL--- en (;; NEA -438 AC TIM �, ACWLOTS 'LOT 23 LOT 2l ' LOT 25 L- W PKASE NtFA - 14.48 1C NEA . 1218 AC NEA - 124.8 AC i NEA .1218 If LOT 25 NEA 900 AC I. z soun� awsE ' MFA Ac I LOT TO BE RETAINED _ BY LEDA LATS B - . 11.59 AC LO10 LOT IO LOT 10 LOT 22 �I LOT 10 y 10 AC FUTURE AREA - t095 M AREA .10.98 AC AREA 1037 N:' NEA. 10.5/ AC AREA = 14.36' LUBBOCK FIRE DEPARTMENT t SIO 6 LOT 1 Lor19 LOT j�' LOTL0T 19 HSA = 13.40 AC IKEA = 11.102 M ' AWA .1299 AC . � AM- 10.59 AC NEA .1420 N: 11 LOT 19 NEA = 11.70 N: I j L0T15 I? NOTES A Y NiFA .7.84 AC V I. ROW WIDTH 91 NORTH PKAM TO BE AWII510 DURING PUTTING PROCESS LOT"LOT14 ,LF �� 1� W THS TO MATCH ROPOSED STREET SMPWI PER RON IfLID i AREA 12913 AC ARO11114 MFA - 1114 00 T REQUEST. Page 6 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2012 — September 30, 2013 Reinvestment Zone Boundary Map LEGEND NONTN Business Part TIF Boundary LEDA Developed Parcels 0 500 1000 Feet Page 7 4 lubbe°�`ck T KA5