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Home My WebLink AboutResolution - 2017-R0001 - Lubbock Business Park TIF Annual Report - 01/12/2017Resolution No.2017-R0001 Item No.6.3 January 12.2017 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock 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 1,2015 through September 30,2016,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,andtothe Comptroller ofthe State of Texas.Said Annual Report is attached hereto and incorporatedin this Resolutionas if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council on January 12,2017 DANIEL M.POPE,MAYOR ATTEST: bvc^. Rebecca Garza,City Secretary APPROVED AS TO CONTENT: Cheryl Brock,Executive Director of Budget APPROVED AS TO FORM: ccdocs/R^SJ/fbbock Business Park Tax Increment Financing Reinvestment Zone -2016 Annual Report December 19,2016 Resolution No. 2017-R0001 City of Ub ock TEXAS Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2015 - September 30, 2016 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2015 — September 30, 2016 Table of Contents Introduction......................................................................................................................................2 FinancialReport...............................................................................................................................3 AppraisedValues.............................................................................................................................3 Tax Increment Fund Revenue..........................................................................................................3 PerformanceReport .........................................................................................................................4 Boardof Directors...........................................................................................................................5 MasterPlan......................................................................................................................................6 BoundaryMap.................................................................................................................................7 City of Lubbock TEXAS City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2015 — September 30, 2016 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 12, 2017 upon the recommendation of the Lubbock Business Park Tax Increment Financing Reinvestment Zone Board of Directors (Board) on December 14, 2016. Daniel M. Pope, Mayor City 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, 2015 — September 30, 2016 Financial Report The net taxable value of the Zone is $53,329,114 for each taxing jurisdiction, an increase of $52,918,628 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 2016 Appraised Value $ 56,863,331 Zone 2016 Net Taxable Value 53,329,114 Less: 2009 Base Value 410,486 Current Captured Net Taxable Value Retained and Shared * $ 52,918,628 *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 2016 Projected TIF 2009 Incremental Fund Revenue Taxing Jurisdiction 2016 Taxable 2016 Net Net Taxable (100% Tax Rate Value Taxable Value Value Collection) City of Lubbock $0.538020 410,486 53,329,114 52,918,628 $ 284,713 Lubbock County 0.358158 410,486 53,329,114 52,918,628 189,532 Lubbock County Hospital District 0.112055 410,486 53,329,114 52,918,628 59,298 High Plains Underground Water Conservation District #1 0.007500 410,486 53,329,114 52,918,628 3,969 Total Fund Revenue $ 537,512 Page 3 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2015 — September 30, 2016 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 2015-16, the Zone received $469,643 in revenues for value earned in 2015, and $8,113 in interest earned. Any variance to the actual amount from the amount reported in the FY 2014-15 Annual Report can be attributed to uncollected taxes and/or exemptions. Expenditures and Projects There is no bonded indebtedness. The expenditures incurred in FY 2015-16 are: Lubbock Business Park TIF Expenditures Expenditures To- FY 2015-16 * Date Administrative/Bond Issuance Expenditures Administrative Administrative Costs Office Supplies Professional Services LCAD Collections Charges Interest Expense Total Administrative Expenditures *Unaudited 9,070 37,455 - 524 3,499 18,020 29 145 - (289) $ 12,598 55,855 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, 2015 — September 30, 2016 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: 1/01/15—1/01/17 Council Appointee: Sonny Garza City Bank Term: 1/01/15 — 1/01/17 Council Appointee: Les Gillit Standard Sales Term: 1/01/15—1/01/17 Council Appointee: David Sharbutt Investor Term: 1/01/16 — 1/01/18 Council Appointee: Tony Whitehead Prosperity Bank Term: 1/01/16 — 1/01/18 Lubbock Independent School District Appointee: Dr. Berhl Robertson, Superintendent High Plains Underground Water Conservation District Appointee and Designee: Jason Coleman, General 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, 2015 — September 30, 2016 Lubbock Business Park Master Plan i]o0Y0iil ■w��w��nx-� p Iii LOT Y III AREA- 9.22 ACk o f o n o n o ou SU o f o u !I S Is. LOT 37 � AREA - 9.93/C � "LOTS LOT34 LOT 35 LOT 38 Q 1R'P3 AC AR = 8.31 AC AREA . 8.24 AC AREA770 AC i "' LOT 93� CO'C AREA . 8.71 AC 111 LOT 31 LOT 25 LOT AREA = 6 IL118 AC I (� LOT2t AREA . 8:12 AC 1 AREA. 4. AREA 10 AC L0T 32 Y �i - - -- W--11� LOT 3o ACAREA - 639 K f 1 � AREA - 892 AC .�' W LOTS LOT 23 LOT 24 � LOT25 -"� LOTS 7 �I AREA = 14.43 AG AREA - 1228 AC AREA - 12.28 AC ; ' AREA 28 FA = 12.18 AC AREA �0!l;P�. J Z t AREA 7.39 AC { . ¢CA 4ANE-L*—I 1.._....P.nfi-"-1 B>� �j EQT./i LOT2 LOT 20 LOT 21 LOT 22 ,`_ i ` a yraFh b'.TnSd Ae�, AREA . 10.9e AC AREA - 10s7 AC AREA - 1asJA.0 AREA— 1 € .La' id 438 AC ! - LOT16 Lortr'. LOT'ta 1229 AC �� AG AaEA "1102 AC AREA = ; AR . to59 AC AM- 1020 AC LOT 14 4 F$ LOT 12 LOT 13 . = 13.14 AC, P AREA =.20.23 AC ,ARFA - 13.14 AC Hops ++sn N 0 600 LEGEND ENROADS ANDD LOT Lors -READY LOTS LOTS NORTH PHASE SOUTH PWSE LOT TO BE RETAINED , BY LEDA 10 AC FUTURE �"�". LUBBOCK FIRE DEPARTMENT '! LOT" 9AREA = 11.30 AC 3 NOTES 1. ROW WIDTH IN NORTH PHASE TO BE ADJUSTED DURING PLATTING PROCESS it vl TO MATCH PROPOSED STREET SECTION. MAXIMUM WIDTH ROW �a THIS SHOWN IN THIS PLAN PER LEDA V� REQUEST. FRI 4 5 Page 6 City of Lubbock, TX Lubbock Business Park Tax Increment Financing Reinvestment Zone Annual Report October 1, 2015 — September 30, 2016 Reinvestment Zone Boundary Map LEGEND NOI XM Business Park TIF Boundary city of LEDA Developed Parcels ° so 1000 Lubbock Feet TEXAS Page 7