HomeMy WebLinkAboutResolution - 2012-R0004 - CBD TIF RZ Annual Report - 01/12/2012Resolution No. 2012-80004
January 12, 2012
Item No. 5,3
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 Central Business District
Tax Increment Financing Reinvestment Zone Annual Report for October 1, 2010 through
September 30, 2011, which will be distributed to the chief executive officer of each
taxing unit levying taxes within the Central Business District 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 12, 2012 , 21".
TOM MARTIN, MAYOR
ATTEST:
Rebec)q Garza, City Secreta
APPROVED AS TO CONTENT:
Andy Burcham,
Chief Financial Officer
APPROVED AS TO FORM:
Linda L. Chamales,
Economic Development Attorney
Le: city att/Linda/Res-CBD Annual Report 2011
December 6, 2011
Resolution No. 2012-R0004
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Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 - September 30, 2011
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
Table of Contents
Introduction.....................................................................................................................................2
FinancialReport ..............................................................................................................................3
AppraisedValues.............................................................................................................................3
Tax Increment Fund Revenue..........................................................................................................3
PerformanceReport .........................................................................................................................4
Boardof Directors...........................................................................................................................7
Maps................................................................................................................................................8
lubb'ooc',k
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
Introduction
The Lubbock City Council established the Central Business District (CBD) Tax Increment
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.
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 120 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:
3 Amount and source of revenue in the Tax Increment Fund established for the Zone,
113 Amount and purpose of expenditures from the Fund,
13 Amount of principal and interest due on outstanding bonded indebtedness,
€3 Tax increment base and current captured appraised value retained by the Zone,
18 Captured appraised value shared by the City and other taxing units,
.3 Total amount of tax increments received, and
3 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,
2012 upon the recommendation of the Central Business District Tax Increment Financing
Reinvestment Zone Board of Directors (Board) on December 16, 2011.
T Martin, Mayor Ro rt Taylor, Chairman
City of Lubbock Central Business District TIF Board of Directors
Page 2
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
Financial Report
As set by the Lubbock Central Appraisal District (LCAD), the appraised value of the Zone increased
$65,728,987 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 amount available to the Tax
Increment Fund as indicated on this page.
Appraised Values
Zone 2011 Appraised Value (before abatements and
exemptions) $171,587,238
Less: 2001 Base Value 105,858,251
Current Captured Appraised Value Retained and Shared
(before abatements)* $ 65,728,987
*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).
Taxing Jurisdiction/
Tax Rate
City of Lubbock
Lubbock County
Lubbock County Hospital
District
High Plains Underground
Water Conservation District #1
Total Fund Revenue
Tax Increment Fund Revenue
Projected TIF
2001 2011 Net Tax Fund Revenue
2011 Appraised 2011 Net Increment (100%
Tax Rate Value Taxable Value Value Collections)
$0.474000
105,858,251
168,274,091
62,415,840
$ 295,851
0.329458
105,858,251
168,379,691
62,521,440
205,982
0.120720
105,858,251
168,379,691
62,521,440
75,476
0.007760 105,858,251 168,379,691
Page 3
62,521,440 4,852
S 582,1.61
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
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.
Revenues
In FY 2010-11, the Zone received $546,101 in revenues for value earned in 2010. Any variance
in the actual amount from the amount reported in the FY 2009-10 Annual Report can be
attributed to uncollected taxes and/or exemptions. The Zone also earned $2,592 in interest
during FY 2010-11.
Expenditures and Projects
The City Council has issued one series of Certificates of Obligation to fund public improvement
projects for the Zone. The principal amount of Certificates of Obligation is as follows:
January 2, 2010 $ 247,564
March 15, 2011 1,404,380
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.
Page 4
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
Central Business District TIF Expenditures
Capital Projects
Public Utility Engineering and Coordination
Total Capital Project Expenditures
Administrative/Bond Issuance Expenditures
Administrative
Administrative Costs
Office Supplies
Professional Services
LCAD Collections Charges
Total Administrative Expenditures
Special Projects
Downtown Redevelopment Pian
Schrader & Cline - Project and Finance Plan
Civic Lubbock Guitar Project
Fiber Optic Line Relocation
SGS Engineering
McDougal Master Development Agreement
ROW Acquisition - GGB & Avenue Q
Misc. Projects
Total Special Project Expenditures
Bond Sale Charges
Capital Outlay
Total Expenditures
Transfer to Debt Service
*I'naudited
Page 5
Expenditures
FY 2010-11* To Date
$ 90,089 151,478
$ 90,089 151,478
$ 37,536
118,521
481
1,133
3,748
28,850
2,083
13,213
43,849 161,716
-
100,000
-
75,547
-
8,500
-
25,254
-
8,396
419,605
1,011,552
342,619
342,619
22,087
34,629
784,311
1,606,497
12,638 14,493
- 58,101
$ 840,797 $ 1,840,806
$ 17,794 17,794
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
CITY OF LUBBOCK, TEXAS
DEBT SERVICE SCHEDULE
ALL CERTIFICATES AND BOND ISSUE
Page 6
CENTRAL BUSINESS DISTRICT TIF
FISCAL
TOTAL
YEAR
PRINCIPAL
INTEREST
REQUIREMENTS
2011-12
$ 31,124.42
103,614.50
134,738.92
2012-13
55,638.18
74,059.47
129,697.64
2013-14
57,948.61
71,739.35
129,687.97
2014-15
60,580.34
69,065.61
129,645.95
2015-16
63,573.02
66,062.12
129,635.13
2016-17
66,536.99
63,145.05
129,682.04
2017-18
69,569.32
60,134.26
129,703.59
2018-19
72,553.82
57,126.38
129,680.20
2019-20
75,411.16
54,284.39
129,695.55
2020-21
78,755.21
50,976.85
129,732.07
2021-22
82,517.62
47,172.36
129,689.99
2022-23
86,542.53
43,165.74
129,708.26
2023-24
90,751.99
38,945.49
129,697.49
2024-25
95,243.09
34,478.73
129,721.82
2025-26
99,947.45
29,756.95
129,704.40
2026-27
104,904.74
24,799.92
129,704.66
2027-28
110,124.52
19,595.03
129, 719.55
2028-29
115,528.87
14,131.39
129,660.26
2029-30
121,264.07
8,396.39
129,660.46
2030-31
109,180.23
2,729.51
111,909.74
2031-32
-
-
-
2032-33
-
-
-
2033-34
-
-
-
2034-35
-
-
-
S 1,647,696.19
933,379.50
2,581,075.70
Page 6
City of Lubbock„ TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
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: 1/01/10 — 1101/12
Council Appointee: Tony Cardinal
Cardinal Sports
Term: 1/27/11 —1/01/13
Council Appointee: Mike Davis
Watson Sysco Foods
Term: 1/27/11 —1/01/13
Council Appointee: Latrelle Joy
Mullin, Hoard and Brown
Term: 1101/10 — 1/01/12
Council Appointee: Brent Noble
Service Title
Term: 1/01/10 — 1/01/12
Lubbock Independent School District Appointee:
Berhl Robertson, Assistant Superintendent
High Plains Underground Water Conservation District Appointee:
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 Tom Head, County Judge
Page 7
City of Lubbock, TX
Central Business District
Tax Increment Financing Reinvestment Zone
Annual Report
October 1, 2010 — September 30, 2011
CBD TIF Preferred Plan
Preferred
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Reinvestment Zone Boundary Map
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