The URL can be used to link to this page

Home My WebLink AboutResolution - 2006-R0585 - Authorization- CBTIFRZ, Annual Report - 10/1/2005-9/30/2006, CST & OTAG - 12/07/2006Resolution. No. 2006-80585 December 7, 2006 Item No. 6.7 RESOLUTION 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 ;ted to execute for and on behalf of the City of Lubbock the Central Business District Increment Financing Reinvestment Zone Annual Report for October 1, 2005 through ember 30, 2006, which will be distributed to the chief executive officer of each ig unit levying taxes within the Central Business District Tax Increment Financing ivestment Zone, to the Comptroller of the State of Texas, and to the Office of the is Attorney General. Said Annual Report is attached hereto and incorporated in this )lution as if fully set forth herein and shall be included in the minutes of the Council. by the City Council this 7th day of December '2006. DAVID A. ILLER, MAYOR TTEST: Rebecca Garza, City Sec S TO CONTENT: Robison, Assistant Deve ooment Services APPROVED AS TO FORM: Linda L. Chamales, Senior Attorney Office Practice Section Le: city atdLmda/Res-CBD Annaal Report 2006 November 20. 2006 Resolution No. 2006-RO585 1.I "I 0 , n �% , i 't T.' I it h et WNAI-M: WS 911 IREl•ti Former pioneer Hotel ready to step into modern age cram a rtaai lop catra..nn arca with "wincing ckcks lay it ground floor cxmvt and pla hcd in green, the farmer Pioneer Relimment Hutcl iaa dowmam n L.uhi6ock will 1.x k anything but its age rvhcn a majaar rcrKt,6 ation is ct'o mplctc. t Dove ilitomvii Printed For Redeveloplt>cielil>It -1 111. w ELL. by URN icrna urlmn rcncacal take. 4in an entircla i—, ;and much nwme signifrram nTc.aning when the ncccssn[3 funds Om coming Elam privatc inx c�tcar rather than the federal crnmeat. _ as �nrrT�i,a��oar rhe Pioneer Hotel, at Broadway and Ave K, was built In 1926 when Lubbock was experiencing a housing boom. It was used to host civic functions, major events and other celebrations Central Business District Tax Increment Financing Rein vestment Zone Annual Deport October .1, 2005 -September 30, 2006 Central Business District Tax Increment Financing Reinvestment Zone Annual .Report October 1, Zoos -September 30, 2006 Table of Contents Tableof Contents.................................................................... 1 Introduction............................................................................ Z FinancialReport....................................................................... 3 Appraised Values..................................................................... 3 Tax Increment Fund Revenue ................................................... 4 Performance Report................................................................. 5 Boardof Directors.................................................................... 6 Reinvestment Zone Boundary Map ............................................ 7 Introduction Because the Lubbock City Council desires to promote the development of the Central Business District area, it established the Central Business District Tax Increment Financing Reinvestment Zone by ordinance on December 3, 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 to hear 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 fifth annual report of the Central Business District Tax Increment Financing Reinvestment 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 sent to the Office of the Texas Attorney General. 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 M: Amount of orincioal and interest due can nutstandinn hnndPd indPhtPdnPss 631 E. Tax increment base and current captured appraised value retained by the zone Captured appraised value shared by the city and other taxing units Eq Total amount of tax increments received Anv additional information necessary to demnnstrate rmmnlianre with the tax increment financing plan adopted by the city Distribution of this annual report was approved by resolution of the Lubbock City Council on December 7, 2006 upon the recommendation of the Central Business District Tax Increment Financing Reinvestment Zone Board of Directors on November 14, 2006. David Miller, Mayor City Of Lubbock 776�� erle Blosser, Chairman Central Business District TIRZ Board of Directors e^7,`*h Central Business District Tax Increment Financing Reinvestment Zone 2006 Annual Report, Page 2 Financial Report According to the Lubbock Central Appraisal District, the appraised value of the Central Business District Reinvestment Zone increased $31,915,745 for each taxing jurisdiction. Appraised Values ,Zone 2006 Appraised Value (before $137,773,996 abatements and exemptions) 2001 Base Value $105,858,251 *Current Captured Appraised Value Retained and Shared (Before $31,9151745 Abatements) *The captured appraised value of real property taxable by a taxing unit for a year is the total appraised value of all real property taxable by the unit and located in a reinvestment zone for that year less the tax increment base of the unit. Texas Tax Increment Finance Act Section 311.012(b). 07%% Central Business District Tax Increment Financing Reinvestment Zone 2006 Annual Report, Page 3 Tax Increment Fund Revenue Taxing Jurisdiction/Tax 2001 Rate Appraised value City of Lubbock/ 46199 $105,858,251 Lubbock 105,858,251 County/.285763 Lubbock County Hospital 105,858,251 District/.1142 High Plains Underground 105,858,251 Water Conservation District #1/.00830 Total Fund Revenue 2006 Net 2006 Net Tax Projected TIF Taxable Value Increment Fund value Revenue (100% Collections) 137,164,666 31,306,415 $144,632 137,230,830 31,372,579 89,651 137,230,830 31,372,579 137,230,830 31,372,579 35,827 2,604 $272,714 A o - Central Business District Tax Increment Financing Reinvestment Zone 2006 Annual Report, Rage 4 Performance Report Revenues In May, 2006, the Central Business District TIF received $154,975.32 in revenues frorr the Lubbock Central Appraisal District. This is the amount collected minus any collection charges. Any variance in the actual amount from the amount reported in the 2004-2005 Annual Report can be attributed to uncollected taxes and retainage by the Lubbock Central Appraisal District for collection services. Expenditures and Projects As of September 30, 2006, the City had expended $103,854 from the CBD TIF Board Administrative Fund. These expenses were for professional services at $3,854, and for the Downtown Redevelopment Plan project at $100,000. 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. Central Business District Tax Increment Financing Reinvestment Zone 2006 Annual Report, Page 5 Board of Directors The Central Business District TIF Reinvestment 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 TIF Board, the City Council specified a nine -member board with five members appointed by the Council. Council appointed Board representatives must be qualified voters of the municipality or at least 18 years of age and owners of real property in the 77F zone. The Board is responsible for administering the Tax Increment Financing Reinvestment Zone throughout its 20 -year life span and for recommending projects to be financed with the approval of the City Council. Council Appointee: Merle Blosser, Chair Real Estate Appraisal Term: 1/10/06 - 1/10/08 Council Appointee: Tony Cardinal Cardinal Sports Term: 1/10/05 - 1/10/07 Council Appointee: Mike Davis Watson Sysco Foods Term: 4/28/05 - 1/10/07 Council Appointee: Brent Noble Land Title Escrow Officer Term: 1/10/06 - 1/10/08 Council Appointee: Robert Taylor R. C. Taylor Wholesale Term: 1/10/06 - 1/10/08 Lubbock Independent School District Appointee: Art Martin, Assistant Superintendent High Plains Underground Water Conservation District Appointee: Jim Conkwright, Manager Lubbock County Hospital District Appointee and Designee: Jim Courtney, Chief Executive Officer Jeff Dane Lubbock County Commissioners Court Appointee: Honorable Tom Head, County Judge Central Business District Tax Increment Financing Reinvestment Zone 2006 Annual Report, Page 6 ■�a ��G �I�.h�I��Iri��iii�l lil�� EIS m