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RESOLUTION NO. R2012-013
A RESOLUTION APPROVING THE 2011 ANNUAL REPORT FOR THE TAX INCREMENT
FINANCE ZONE NO. 1(DOWNTOWN TIF); AND DECLARING AN EFFECTIVE DATE.
WHEREAS, on the 7�' day of December, 2010, the City Council of Denton, Texas (the
"City") established the Tax Increment Finance Zone Number One (Downtown TIF) (the "Zone")
as authorized by Chapter 311 of the Texas Code (the "Act"); and
WHEREAS, an annual report is required to be submitted to the City of Denton detailing
the previous year's TIF activities, which is attached hereto as Exhibit "A"; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. The City Council of the City of Denton, Texas, hereby approves said
Annual Report for the Tax Increment Finance Zone No. 1(Downtown TIF), which is attached
and made a part by reference herein.
SECTION 2. This Resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the �� �� day of /! �'rf , 2012.
�
M A. BU UGHS, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
,
BY:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY: '
EXHIBIT A
Tax Increment Financing Reinvestment Zone Number One
(Downtown TIF)
2011Annual Report
City of Denton
Economic Development Office
215 E. McKinney Street
Denton, Texas 76201
940-349-7775
www.dentonedp.com
January 1, 2011 to December 31, 2011
Table of Contents
3. Map
4. Mission Statement
4. District Accomplishments
4. Value and Increment Summary
4-5. Summary of TIF Board meetings
5. Budget and Spending Status
5. 2011 Work Program
Reinvestment Zone Number One
Downtown Tax Increment Financing District
Mission Statement
The mission of the
Tax Increment Financing Reinvestment Zone Number One (Downtown TIF) is to
provide a source of funding for public infrastructure improvements to encourage and accelerate necessary
development and redevelopment within the Downtown TIF District area.
The Downtown TIF took effect on January 1, 2011 and will terminate on December 31, 2041 or when the
budget of $24.8 million has been collected. The City of Denton is the sole participating jurisdiction. The
Years 1-5 100%
Years 6-10 95%
Years 11-20 90%
Years 21-30 85%
District Accomplishments
During calendar year 2011, $15,871 was collected; no funds were distributed.
Value and Increment Summary
The City of Denton created Texas Increment Financing Reinvestment Zone Number One (known
as the Downtown TIF) in 2010. The 2011 taxable assessed valuation increase for the Downtown
TIF was $2,300,954 and resulted in approximately $15,871 in ad valorem revenue, which is
Tax Increment Financing Fund for the 2011-12 adopted budget.
1 value was $81,657,808.
Summary of TIF Board meetings
The Downtown TIF Board met three times in 2011, March 25, June 29 and September 30.
Board Member List and attendance
Pete Kamp City Council Member (Attended 2 of 3 meetings)
James King City Council Member (Attended 2 of 3 meetings)
Bob Moses Property Owner (Attended 3 of 3 meetings)
Virgil Strange Property Owner (Attended 3 of 3 meetings)
Marty Rivers Chamber of Commerce Member (Attended 3 of 3 meetings)
Hank Dickenson Chamber of Commerce member (Attended 3 of 3 meetings)
Harold Strong Qualified Voter of the City of Denton (Attended 3 of 3 meetings)
During 2011, the TIF Board took the following action on items:
1.Developed and recommended by-laws to City Council
2.Reviewed, amended and recommended the Finance Plan to City Council
3.Reviewed, amended and recommended the Project Plan to City Council
4.Received briefings on: Catalyst projects, Downtown Implementation Plan, Form Based
Code, and preliminary property tax revenue for 2011
Budget and Spending Status
The Downtown TIF District has established in its Project and Finance Plans a budget for public
improvement expenditures necessary to support private investment in the district.
In 2011, $15,871 was collected; no expenditures were made.
2011 Work Program
No projects were initiated in 2011; no funds were expended.