The URL can be used to link to this page

Home My WebLink AboutResolution - 2009-R0541 - Authorize North Overton TIF RZ Annual Report - 12/02/2009Resolution No. 2009-80541 December 2, 2009 Item No. 5.17 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 North Overton 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 North Overton 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 this 2nd day of Deemeber , 2009. TOM MARTIN, MAYOR ATTEST: Rebel a Garza, City Secretary APPR ED AS TO CONTENT: Rob Al son, ity Manager Development Services APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney Lc: city atdLinda/Res-NO TIF Annual Report 2009 November 13, 2009 Resolution No. 2009-RO541 4 Ak irt4otT E North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 - September 30, 2009 City of Lubbock, TX North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 Table of Contents Introduction..................................................................................................................................... 2 FinancialReport .............................................................................................................................. 3 AppraisedValues............................................................................................................................ 3 Tax Increment Fund Revenue......................................................................................................... 3 PerformanceReport ........................................................................................................................ 4 Boardof Directors.. ......................................................................................................................... 7 Map................................................................................................................................................. 8 �lnbbock City of Lubbock, TX North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 Introduction The Lubbock City Council established the North Overton Tax Increment Financing Reinvestment Zone (Zone) by ordinance on March 14, 2002 to promote the development of the North Overton area. The Zone was initiated by a petition of owners of more than 50% of the appraised value of land in the TIF. The petition was received on October 31, 2001. 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. This is the eighth annual report of the Zone's activities. The report roust be provided within 90 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 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 value retained by the Zone, ❑ Captured appraised 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 December 3, 2009 upon the recommendation of the North Overton Tax Increment Financing Reinvestment Zone Board of Directors (Board) on October 29, 2009. Tom Martin, Mayor City of Lubbock Page 2 Jac Driskill, Chairman Orth Overton TIF Board of Directors City of Lubbock, TX North Overton 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 $252,970,180 in value since the 2002 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) Less: 2002 Base Value Current Captured Appraised Value Retained and $ 279,910,784 26,940,604 Shared (before abatements)* $ 252,970,180 *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 City of Lubbock Lubbock County Lubbock County Hospital District High Plains Underground Water Conservation District #1 Total Fund Revenue Tax Increment Fund Revenue 2002 Appraised 2009 Net Tax Rate Value Taxable Value 2009 Projected TIS` Incremental Fund Revenue Net Taxable (100% Value Collection) $0.446400 26,940,604 278,423,523 251,482,919 1,122,620 0.329458 26,940,604 278,384,353 251,443,749 828,402 0.120840 26,940,604 278,384,353 251,443,749 303,845 0.007940 26,940,604 278,384,353 251,443,749 19,965 $2,274,832 Page 3 City of Lubbock, TX North Overton Tax Increment Financing Reinvestment Zone Annual Deport October 1, 2008 — September 30, 2009 Performance Report The Board and City Council are operating with the Fourth Amended Project and Finance Plans approved by the Board on November 20, 2006 and approved by the City Council on January 12, 2007. 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 and the potential project financing that revenue may support. The Project Plan describes the types of projects anticipated to occur in the Zone. Revenues For the year ended September 30, 2009, the Zone received $1,583,031 in property tax revenues for the 2008 tax year. 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 received $1.5 million in grant funds from the CH Foundation in FY 2008-09. The Zone also earned $12,518 in interest during FY 2008-09 in the North Overton TIF Fund and $75,140 in interest in the TIF Capital Project Fund.. Expenditures and Projects The City Council has issued seven series of Certificates of Obligation Bonds to fund public improvement projects for the Zone. They were issued as follows: July 15, 2003 August 15, 2005 April, 15, 2006 August 15, 2007 January 17, 2008 May 23, 2008 April 8, 2009 $ 3,795,000 9,290,000 6,307,749 4,111,341 11,805,000 1,943,758 961,386 All expenditures are made 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 North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 North Overton TIF Expenditures North Overton Zoning North Overton TIF Creation North Overton TIF Board Admin Total Administrative Expenditures Transfer to Debt Service Page 5 14,194 45.312 8.154 S 58.418 213.088 $ 3,044,660 6,552,736 FY 2008-09 Expenditures To -Date Capital Projects North Overton Phase l - 909,192 The Centre, Phase I Project - 1,959,363 Dinerstein 11. Phase I Project - 1,581,407 Tract #3 715,326 1,128.064 Tract 45 253.418 930,859 Tract 46 - 526,414 Tract #7 362,669 830,427 Dinerstein 111 - 1,022,627 Walmart - 2,521,914 Tract 11 - Condo I - 163,364 Tract 12 -Condo 11 150.474 215,190 Tract 13 - Condo III 155 155 Single Family 205.597 4,979,428 Pioneer Part: Improvements 6,694 8,268 North Overton TIF Public Facilities 11.024,315 19.652,438 Tract I - 84,411 ROW Acquire Glenna Goodacre Blvd. 427,446 1,282,340 Tract I B - 124.633 Tract 18 Commercial - 762.433 ULOFT 405 44.704 Tract 1-B-3 - 68,867 Glenna Goodacre Blvd. East 2,175,130 2,289,694 Water Utilities North Overton TIF &611 148.910 North Overton TIF Electric Utility 96.617 281.780 Capstone 2.179.368 2.270,605 Wastewater Utilities North Overton TIF 13,741 68,279 North Overton TIF Street Reconstruction 841.101 841.101 Total Capital Project Expenditures $ 18.461,067 44,696,867 Administrative/Bond Issuance Expenditures Current Administrative Adminstrative Costs $ 53.273 110,449 Office Supplies 228 293 Professional Services 3,361 28,100 LCAD Collections Charges 1,557 6,587 Total Current Administrative 58,418 145,428 North Overton Zoning North Overton TIF Creation North Overton TIF Board Admin Total Administrative Expenditures Transfer to Debt Service Page 5 14,194 45.312 8.154 S 58.418 213.088 $ 3,044,660 6,552,736 City of Lubbock, TX North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 All Certificates & Bonds Issued for the North Overton TIF Fiscal Total Year Principal Interest Requirements 2009-10 S 1,325,100.12 1,794,758.31 3,119,858.44 2010-11 1,397,377.91 1,713,164.45 3,110,542.36 2011-12 1,461,362.56 1,647,674.78 3,109,037.35 2012-13 1,532,095.70 1,577,982.08 3,110,077.78 2013-14 1,608,758.15 1,502,241.98 3,111,000.13 2014-15 1,686,961.74 1,423,039.61 3,110,001.35 2015-16 1,770,986.12 1,339,849.66 3,110,835.78 2016-17 1,866,453.87 1,249,634.72 3,116,088.59 2017-18 1,953,566.44 1,156,965.29 3,110,531.73 2018-19 2,057,223.38 1,056,535.17 3,113,758.55 2019-20 2,172,011.07 944,857.12 3,116,868.19 2020-21 2,284,895.01 825,746.89 3,110,64190 2021-22 2,410,760.23 699,284.76 3,110,045.00 2022-23 2,547,811.81 565,254.58 3,113,066.39 2023-24 2,687,694.54 423,250.58 3,110,945.11 2024-25 2,539,944.03 283,018.31 2,822,962.34 2025-26 1,949,507.92 160,572.92 2,110,080.84 2026-27 1,541,891.87 60,178.38 1,602,070.24 2027-28 223,216.94 9,338.67 232,555.61 2028-29 75,164.99 1,879.1.2 77,044.12 2029-30 - - - 2030-31 - - - 2031-32 - - - 2032-33 - - - 2033-34 - - - $ 35,092,784.40 18,435,227.39 53,528,011.79 Page 6 City of Lubbock, TX North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 Board of Directors Because the Zone was initiated by a petition of the property owners, by statute the board must consist of nine members. The City Council appoints six board members, who must be at least 18 years of age and owners, or a representative of owners, of real property in the Zone or employees or agents of someone who owns property in the Zone. The State Senator and State Representative for the Zone, or their designees, are also board members, as is the representative of Lubbock County. 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. City Council Representative: Jack Driskill, Chair McWhorter Cobb & Johnson LLP Term: 03/01/08-03/01/10 City Council Representative: Carolyn McDougal McDougal Properties Term: 03/01/08 — 03/01/10 City Council Representative: Stan Mayfield City Bank Term: 03/01/09-03/01/11 City Council Representative: Patrick Murfee, Vice -Chair Murfee and Sons, Inc. Realtors Term: 03/01/08-03/01/10 City Council Representative: Don Rushing Lubbock Commercial Building Term: 03/01/09-03/01/11 City Council Representative: Howard Thrash H. G. Thrash Term: 05/28/09-03/01/11 State Representative and Designee: Honorable Robert Duncan, State Senator Debbie Hansard, Designee State Representative: Honorable Carl Isett, State Representative Lubbock County Representative: Gilbert Flores, Lubbock County Commissioners Appointee Page 7 City of Lubbock, TX Resolution No. 2009-80541 North Overton Tax Increment Financing Reinvestment Zone Annual Report October 1, 2008 — September 30, 2009 L%ftmi HM W Cnnff m Curly Texas Tech /i-- " University 3hr Shayyppe�5 G1 fAxrfort7luir Overton Park Master Plan x Sc FliiabeM% C4hoPoc Claadt u 4 5th soon loth s¢aG p �+ ifac U.vf� Ise Piarettr Park - -_ _ _ p ...,� LSD , p Existing Reuul Ma...n Gleoaa Godo Blvd. �imr x =1 =71= y 9th Suw09 n�yrs;r C4 Overton Park Master Plan x Sc FliiabeM% C4hoPoc Claadt u 4 ` Broadway C.0 �� VNOIIIOI,d !• Braodwoy Chrur Reinvestment Zone Boundary Map C t Bmadway Ew HIM Praia ME HiMEM 1111111111111IN 111111111111191- 1111111111111111111111■11111111111111111 L ■ ��'■ IN 111111111111111■1111■1111■ 111 ■�� •11'1:^1 11'�Y _ 1111111=1111H11111111111111 ■1111■ ■"■" II1111. 1I111■1■ ■111111111 ■1■■11 r �:■�■■ ■1111 I1111111'll1-11111111111 IN11�1111��.�= ��: ■IIi li11111111111111'lllll 11■1111111 '= ■o oil rsus CA01otiY 11111 iilii lili uiiliii 1111 �0: 5th soon ifac U.vf� Ise Piarettr Park - -_ _ _ LSD , p 7th Street -11 Walk Gleoaa Godo Blvd. �imr x IF Ijx Caehgrs a(LuhBadk y 9th Suw09 n�yrs;r C4 ` Broadway C.0 �� VNOIIIOI,d !• Braodwoy Chrur Reinvestment Zone Boundary Map C t Bmadway Ew HIM Praia ME HiMEM 1111111111111IN 111111111111191- 1111111111111111111111■11111111111111111 L ■ ��'■ IN 111111111111111■1111■1111■ 111 ■�� •11'1:^1 11'�Y _ 1111111=1111H11111111111111 ■1111■ ■"■" II1111. 1I111■1■ ■111111111 ■1■■11 r �:■�■■ ■1111 I1111111'll1-11111111111 IN11�1111��.�= ��: ■IIi li11111111111111'lllll 11■1111111 '= ■o oil rsus CA01otiY 11111 iilii lili uiiliii 1111 �0: