HomeMy WebLinkAboutResolution - 2013-R0053 - LBP TIF Reinvestment Zone Annual Report - 01/31/2013Resolution No. 2013-RO053
January 31, 2013
Item No. 5.6
RESOLUTION
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, 2011 through
September 30, 2012, 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 31, 2013 , 2013.
ATTEST:
91VI-
Rebeka Garza, City Secretary (—�
APPROVED AS TO CONTENT:
Cheryl Brock,
Budget Director
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
Lc city att/Linda/Res-LBPTIF Annual Report 2012
November 20, 2012
REsolution N0. 2013-R0053
city of
)bock
TEXAS
Lubbock Business Park Tax Increment Financing
Reinvestment Zone
Annual Report
October 1, 2011 - September 30, 2012
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2011— September 30, 2012
Table of Contents
Introduction.....................................................................................................................................2
FinancialReport ..............................................................................................................................3
AppraisedValues.............................................................................................................................3
Tax Increment Fund Revenue..........................................................................................................3
PerformanceReport .........................................................................................................................4
Boardof Directors...........................................................................................................................5
MasterPlan ...................................................................................................................................... 6
BoundaryMap.................................................................................................................................7
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TEXAS
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2011— September 30, 2012
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 31,
2013 upon the recommendation of the Lubbock Business Park Tax Increment Financing
Reinvestment Zone Board of Directors (Board) on December 20, 2012.
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Gle . Robertson, Mayor Sandy Henry
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, 2011— September 30, 2012
Financial Report
The net taxable value of the Zone is $27,441,841 for each taxing jurisdiction, an increase of
$27,031,355 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 2012 Appraised Value $ 44,041,389
Zone 2012 Net Taxable Value 27,441,841
Less: 2009 Base Value 410,486
Current Captured Net Taxable Value Retained and Shared * $ 27,031,355
*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
2012
Projected TIF
2009 Incremental
Fund Revenue
Taxing Jurisdiction 2012 Taxable 2012 Net Net Taxable
(100%
Tax Rate Value Taxable Value Value
Collection)
City of Lubbock $0.492110 410,486 27,441,841 27,031,355 133,024
Lubbock County 0.346477 410,486 27,441,841 27,031,355 93,657
Lubbock County Hospital
District 0.119190 410,486 27,441,841 27,031,355 32,219
High Plains Underground
Water Conservation District #1 0.007540 410,486 27,441,841 27,031,355 2,038
Total Fund Revenue
Page 3
$ 260,938
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2011— September 30, 2012
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 2011-12, the Zone received $237,436 in revenues for value earned in 2011, and $279 in
interest earned. Any variance to the actual amount from the amount reported in the FY 2010-11
Annual Report can be attributed to uncollected taxes and/or exemptions.
Expenditures and Projects
There is no bonded indebtedness. The expenditures incurred in FY 2011-12 are:
FY 2011-12 Life -to -Date
Actual Actual
Administrative Expenses
Office Supplies $ 74 306
Administrative cost 11,052 13,881
Professional Services 2,566 5,167
Interest Expense 0 0
LCAD Collection Charge 19 39
Total $ 13,711 19,393
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, 2011— September 30, 2012
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: 3/25/10 — 1/01/13
Council Appointee: Kenny McKay
Lubbock Economic Development Alliance
Term: 1/14/10 —1/01/13
Council Appointee: Les Gillit
Standard Sales
Term: 3/25/10 — 1/01/13
Council Appointee: David Sharbutt
Investor
Term: 1/1/12 — 1/01/14
Council Appointee: Tony Whitehead
American State Bank
Term: 1/1/12 —1/01/14
Lubbock Independent School District Appointee:
Dr. Berhl Roberson, Chief Administrative Officer
High Plains Underground Water Conservation District Appointee and Designee:
Jim Conkwright, Manager Designee: Sherry Stephens
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, 2011— September 30, 2012
Lubbock Business Park Master Plan
Page 6
0
City of Lubbock, TX
Lubbock Business Park
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2011— September 30, 2012
Reinvestment Zone Boundary Map
LEGEND NBNTN
Business Park TIF Boundary
LEDA Developed Parcels o 500 1000
Feet
Page 7
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