The URL can be used to link to this page

Home My WebLink AboutResolution - 2009-R0540 - Authorize Central Business District TIF RZ Annual Report - 12/02/2009Resolution No. 2009-RO540 December 2, 2009 Item No. 5.16 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, 2008 through September 30, 2009, which will be distributed to the chief executive officer of each taxing unit levying taxes within the Central Business District Tax Increment Financing Reinvestment gone, 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 this 2nd day of December , 2009. TOM MARTIN, MAYOR /:"No.Ca" Reb ca Garza, City Secretary A=CONTENT: AS CONTENT: Rob Alli ss' ity Manager Development Services APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney Lc: city awLinda/Res-CBD Annual report 2009 November 13, 2009 Vit- j Resolution No. 2009-Ro540 e L city of Tubbock TEXAS Central Business District Tax Increment Financing Reinvestment Zane Annual Report October 1, 2008 - September 30, 2009 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 Table of Contents Introduction............................................................................................................................ . ... . ... . FinancialReport .............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport........................................................................................................................ 4 Boardof Directors........................................................................................................................... 5 Reinvestment Zone Boundary Map................................................................................................ 6 '�iv'bb'o�k City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 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. This is the eighth annual report of the Zone's activities. The report must be provided within 90 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. 121 Amount and source of revenue in the Tax Increment Fund established for the Zone, 10. 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 value retained by the Zone, 10131 Captured appraised value shared by the City and other taxing units, 0' Total amount of tax increments received, and 0.1 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 December 3, 2009 upon the recommendation of the Central Business District Tax Increment Financing Reinvestment Zone Board of Directors (Board) on October 27, 2009. ej--�Aa Tom Martin, Mayor City of Lubbock Robert Taylor, Chairman 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, 2008 — September 30, 2009 Financial Report As set by the Lubbock Central Appraisal District (LOAD), the appraised value of the Zone increased $65,569,927 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 2009 Appraised Value (before abatements and exemptions) $171,428,178 Less: 2001 Base Value 105,858,251 Current Captured Appraised Value Retained and Shared (before abatements)* $65,569,927 *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 Projected TIF 2001 2009 Net Tax Fund Revenue Taxing Jurisdiction/ Appraised 2009 Net Increment (100% Tax Rate Tax Rate Value Taxable Value Value Collections) City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District #1 Total Fund Revenue $0.44640 105,858,251 166,824,005 60,965,754 0.32946 105,858,251 166,919,605 61,061,354 0.12084 105,858,251 166,919,605 61,061,354 0.00794 105,858,251 Page 3 166,919,605 61,061,354 272,151 201,172 73,787 4,848 5551,958 City of Lubbock, TX Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 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 2008-09, the Zone received $469,736 in revenues for value earned in 2008. Any variance in the actual amount from the amount reported in the FY 2007-08 Annual Report can be attributed to uncollected taxes and retainage by the LCAD for collection services. The Zone also earned $20,770 in interest during FY 2008-09. Expenditures and Projects Administrative and Project Expenditures 2008-09 Life -to -Date Expenses Collection Cost S 1,833.93 9,173.48 Board Insurance 3,878.00 15,452.00 Administrative Cost 41,920.97 53,160.27 Projects Downtown Plan - 100,000.00 Schrader & Cline -Project and Finance Plan - 67,338.94 Schrader & Cline -Update Project and Finance Plan - 8,207.97 Civic Lubbock - Guitar Project - 8,500.00 Fiber Optic line Relocation 25,253.99 25,253.99 SGS Engineering 8,395.50 8,395.50 McDougal Master Development Agreement 265,500.00 265,500.00 Pioneer Hotel Electric Relocation - - Total Admin and Project Expenditures $ 346,782.39 560,982.15 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, TK Central Business District Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 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 US Distribution Center Term: 1/01/08 — 1101110 Council Appointee: Tony Cardinal Cardinal Sports Term: 1/0 1/09 — I/01/11 Council Appointee: Mike Davis Watson Sysco Foods Term: 1/01/09— 1/01/11 Council Appointee: Latrelle Joy Mullin, Hoard and Brown Term: 11/20/0 7 1/0 1 / 10 Council Appointee:. Brent Noble Land Title Escrow Officer Term: 1/0 1 /08 — 1 /01 /10 Lubbock Independent School District Appointee: Berhl Robertson, Chief Administrative Officer 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 5 IF�iif.�iilli I!i 4"��,