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Home My WebLink AboutResolution - 2016-R0002 - Central Business District TIF Annual Report - 01/14/20160002 Resolution No. 201 b-R0002 City of Lub ock 'IE1,AS Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014 - September 30, 2015 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014 — September 30, 2015 Table of Contents Introduction......................................................................................................................................2 FinancialReport...............................................................................................................................3 AppraisedValues.............................................................................................................................3 Tax Increment Fund Revenue..........................................................................................................3 Performance Report............................................................................................ .....4 Boardof Directors...........................................................................................................................7 Maps.......................................................................................................... City of Lubbock IEXA5 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 Introduction The Lubbock City Council established the Central Business District (CBD) Tax Inclement Financing Reinvestment Zone (Zone) by ordinance on December 3, 2001 in order to promote the development of the CBD. The Zone was created 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 regarding the creation of the zone. Accordinc, 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 submitted 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 established for the Zone, Ell Amount and purpose of expenditures from the Fund, 01 Amount of principal and interest due on outstanding bonded indebtedness, lFa Tax increment base and current captured appraised value retained by the Zone, R13 Captured appraised value shared by the City and other taxing units, ze 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 14, 2016 upon the recommendation of the Central Business District Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 2, 2015. Glen e�o?bertson, Mayor Robert Taylor, Chairman City of Lubbock Central Business District TIF Board of Directors Pa«c City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual. Report October 1, 2014— September 30, 2015 Financial Report As set by the Lubbock Central Appraisal District (LOAD), the appraised value of the Zone increased $97,027,005 in value since the 2001 base year for each taxing jurisdiction. However, exemptions and abatements by the City and other taxing jurisdictions lower the net taxable a1110unt available to the Tax Increment Fund as indicated on this page. Appraised Values Zone 2015 Appraised Value (before abatements and exemptions) $202,885,256 Less: 2001 Base Value 105,858,251 Current Captured Appraised Value Retained and Shared (before abatements)* $ 97,027,005 *The captured appraised value of taxable real property is the total appraised value of all real property taxable by the taxin�E, 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 31 1.t112(h). Taxing Jurisdiction/ Tax Rate City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District # I Total Fund Revenue Tax Increment Fund Revenue Projected TIF 2001 2015 Net Tax Fund Revenue 2015 Appraised 2015 Net Increment (100% Tax Rate Value Taxable Value Value Collections) $0.538020 105,858,251 202,359,028 96,500,777 $ 519,193 0.358158 105,858,251 202,443,828 96,585,577 0.115010 105,858 251 202,443,828 96,585,577 0.008026 105,858,251 Pa+ile 3 202,443,828 96,585,577 345,929 111.083 7,752 $ 983,957 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 Performance Report The Board and the City Council are operating with the Fourth Amended Project and Finance Plans approved by the Board on August 25, 2009 and approved by the City Council on September 24, 2009. The Plans outline the financial strategy to accomplish the goal of the Zone. The Financing Plan provides projections of the amount of revenue that may be received in the future. The Project Plan describes the types of projects anticipated to occur in the district, In FY 2014- 15, the Zone received $794,410 in revenues for value earned in 2014, and $6,751 in interest earned. Any variance in the actual amount from the amount reported in the FY 2013-14 Annual Report can be attributed to uncollected taxes andfor exemptions. The City Council approved the transfer of the 25 percent of Oil and Gas Revenue that is deposited into the North and East Lubbock Neighborhood and Infrastructure Fund for Downtown Redevelopment and it will continue to be transferred to the CBD TIF each year. In 2014, the City Council approved the transfer of $181,132 from the North and East Lubbock Neighborhood and Infrastructure Fund to the CB D TIF for downtown redevelopment. Experrclitrrres and Projects The City Council has issued four series of Certificates of Obligation to fund public improvement projects for the Zone. The principal amount of Certificates of Obligation is as follows: February 4, 2010 March 15, 2011 May 1, 2014 April 28, 2015 $ 247,564 1,404,380 2,165,000 2,690,000 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 or county 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. Paoe 4 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 Central Business District TIF Expenditures Capital Projects Public Utility Engineering and Coordination Underground Utilities EDA Grant Glenna Goodacre Boulevard Extension Total Capital Project Expenditures Adnunistrative/Bond Issuance Expenclitures Administrative Administrative Costs Office Supplies Professional Services LOAD Collections Chases Subtotal Adminstrative Expenses Special Projects Downtown Redevelopment Plan Schrader & Cline - Project and Finance Plan Civic Lubbock Guitar Project Fiber Optic Line Relocation SG5 Engineering McDougal Master Development Agreement ROW Acquisition - GGB & Avenue Q Civic Center Hotel Feasibility Study Misc. Projects Transfer to Capital Project Fund Subtotal Special Projects Bond Sale Charges Capital Outlay Total Expenditures Transfer to Dent Ser%ice a Unaudited Palle 55 Fxpencii tures FY 2014-15 To -Date - 222.148 1,532.512 1.784.943 - 2,245.614 13.025 27.364 1.545,538 4,280,070 31.372 264,269 1,628 6,749 4,172 45.515 2.085 21,213 39,257 337346 - 100.000 - 75,547 - 8.500 - 25.254 - 8,396 200.121 2,161,669 - 342,619 44.0(i 1 41,061 - 37,631 - 800,000 244.192 3.603.676 23.718 59,727 - 58,101 307,158 4,059.249 $ 300,6911 712,915 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 CITY OF LUBBOCK, TEXAS MAITSERVICE SCHEDULE ALL CERTIFICATES & BOND ISSUES BUDGET CENTRAL BUSINESS DISTRICTIV FISCAL TOTAL YEAR PRINCIPAL INTEREST REQUIREMENTS 2015-16 173,573.02 328,861.39 502,434.40 2016-17 221,536.99 285,089.87 506,626.86 2017-18 234,569.32 274,340,21 508,909.54 2018-19 247,553.82 262,649.91 510,203.73 201.9-20 265,411.16 250,488.71 515,899.87 2020-21 273,755 21 237,348.36 511,103.57 2021-22 287.517.62 223,323.81 510,841.43 2022-23 301,542.53 208,581.65 510,124.18 2023-24 315,751.99 193,109.46 508,861.45 2024-25 330,243.09 176,861.87 507, I04.96 2025-26 349,947.45 160,381.03 510,328.49 2026-27 364,904.74 143,027.64 507,932.38 2027-28 385,124.52 124,113.54 509,238.06 2028-29 400,528.87 104,302.28 504,831.15 2029-30 426,264.07 84,280.71 510,544.78 2030-31 429.180.23 64,504.51 493.684.74 2031-32 335,000.00 47,175.00 392,175.00 2032-33 345,000.00 32,000.00 377,000.00 2033-34 365,000.00 16,150.00 381,150.00 2034-35 200,000.00 4,000.00 204,000.00 6,2;2,404.65 3,220,589.94 9,472,994.59 Page 6 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 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 or 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: Robert Taylor, Chair United Supermarkets — Corporate Office Term: 1/01/14 — 1/01/16 Council Appointee: Currently Vacant Term: TBD Council Appointee: Vacant Term: TBD Council Appointee: Dan Pope Benchmark Business Solutions Term: 1/01/14 — 1/01/16 Council Appointee: Henry Patel Prem Industries LLC Term: 1/24/14 — 1/01/16 Lubbock Independent School District Appointee:. Berhl Robertson, Superintendent High Plains Underground Water Conservation District Appointee: Jason Coleman, Manager Lubbock County Hospital District Appointee and Designee: David Allison, Chief Executive Officer, Designee: Jeff Dane Lubbock County Commissioners Court Appointee: Honorable Tom Head, County Judge Page 7 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2014— September 30, 2015 CBD TIF Preferred Plan DOWNTOWN REVITALIZATION ACTION PLAN i'"'A aw"M=1111t =1 toss F a Lp P.Owed P..ffly D"ieft a Camym Ptoj6ct* C.ty f L,bh—a, T.... EDA•e4rDEvELOPuENTSTRATEGIES iPARAKILL,SMFTHS COOPER Reinvestment Zone Boundary Map Pa-C,c 8