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Home My WebLink AboutR2013-0011lcodadldepartmentsUegallour documentslresolutions\131ecodevo downtown ti£doc RESOLUTION NO. R2013-001 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, APPROVING THE 2012 TAX INCREMENT FINANCING REINVESTMENT ZONE NUMSER ONE (DOWNTOWN TIF) ANNUAL REPORT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Denton recognizes the importance of its role in local economic development initiatives and programs; and WHEREAS, the City has established Tax Increment Financing Reinvestment Zone Number One (Downtown TIF) and established a Board of Directors for the District to promote development or redevelopment in the Downtown area pursuant to Ordinance No. 2010-316, authorized by the City Council on December 7, 2010, as provided by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as amended; and WHEREAS, on December 7, 2010, the City Council authorized the Project and Finance Plans for the Downtown TIF District; and WHEREAS, the Tax Increment Financing Act specifies that the governing body of a city shall submit an annual report on the financial status of the district to the Chief Executive Officer of each taxing unit that levies taxes on real property in a reinvestment zone, and a copy of the report shall be forwarded to the Attorney General and the State Comptroller; and WHEREAS, on December 7, 2012, the Downtown TIF District Board reviewed and recommended approval of the 2011 Annual Report for Tax Increment Financing Reinvestment Zone Number to the City Council; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DENTON: Section 1. The 2012 Annual Report for Tax Increment Financing Reinvestment Zone Number One (Downtown TIF), City of Denton, Texas, as of December 31, 2012, a copy of which is attached here to (Exhibit A), and is hereby accepted. Section 2. The City Manager is herby authorized to submit the 2012 Annual Report for Tax Increment Financing Reinvestment Zone Number One to the Chief Executive Officer of each taxing jurisdiction that levies t� on real property in the District; and to the Attarney General of Texas and the State Comptroller, as required by state law. Section 3. This resolution shall talce effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Denton, and it is accordingly so resolved. PASSED AND APPROVED this the ��' day of � , 2013. MARK A. BU UG , 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) 2012 Annual Report City of Denton Economic Development Offce 215 E. McKinney Street Denton, Texas 76201 940-349-7775 www.dentonedp.com January 1, 2012 to December 31, 2012 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. 2012 Work Program � � � C J � C N W � �L ❑ � H U � _ � w 0 00� c�� Reinvestment Zone Number One Downtown Tax Increment Financing District II� � �. �� ' U / , � i f �!i �� — � r � — � C� � � _ _ � _ _ � �� T - '.', �� i � - �� '��_ MCKINNEY � _ I '� � I _ � _ Qi�YK �� I ' � � i� F�KORY� I. � — � ■ � � 7 � SY�AM�RE � �� I � I � ■ a x ��' L i PR �E a J�LI c � �� _ � ; _ � . m __ � � � , �� . - �r-� ��_�, �� I� i r� r�----.�' i- Legend QTIF Boundary Centerline Streets Property Description - Acreage w/orw/o Agr use Gable Company - �uplex Exempt Gas Company Multifarriily � Phone Company Real and Commercial _ Single Family ITownhome � Vacant Commercial Lots N W�E s � April i6 2010 Miles This map is a graphic representation preparetl Ny the City oF Dentan antl is in#enrletl for use only as a re5erence. Data depiMed 6.2 0.3 0.4 ks not gUareMaetl Tor acGUraCy and may be SubJect ta fevfslon al ary time without notiFlCatfon. A Registeretl SuNeyDf for the State of Texas was not cansudtetl. For Survey level accuracy, superviaion antl cerlfficatian oi the protlucetl tlata by a Registeretl Professional Land 3urveyor far the State of Texas would need to be pedormed 3 Mission Statement The mission of the Tax I�icrement 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 l, 2011 and will terminate on December 3 l, 2041 or when the budget of $24.8 million has been collected. The City of Denton is the sole participating jurisdiction. The City's participation is as follows: 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. During calendar year 2012, $54,820 was collected; no funds were distributed. Value and Increment Summary The City of Denton created Texas Increment Financing Reinvestment Zone Number One (lcnown as the Downtown TIF) in 2010. The base year value was $79,356,854. The 2412 taxable assessed valuation increase for the Downtown TIF was $7,947,827 and resulted in approximately $54,820 in ad valorem revenue, which is reported in the City's Downtown Tax Increment Financing Fund for the 2012-13 adopted budget. The Downtown TIF District's assessed 2012 value was $89,605,635. Since its inception, the value of the TIRZ has increased $10,248,781, which represents a 12.9% increase in value. 5ummary of TIF Board meetings The Downtown TIF Board met four times in 2012: March 30, June 8, September 12 and December 7. Board Member List and attendance Pete Kamp — City Council Member (Attended 2 of 4 meetings) James King — City Council Member (Attended 2 of 4 meetings) Bob Moses — Property Owner (Attended 2 of 4 rneetings) Virgil Strange — Property Owner (Attended 2 of 4 meetings) Marty Rivers — Chamber of Commerce Member (Attended 3 of 4 meetings) Hank Dickenson — Chamber of Commerce member (Attended 2 of 4 meetings) Harold Strong — Qualified Voter of the City of Denton (Attended 2 of 4 meetings) During 2012, the TIF Board took the following action on items: 1. Developed and adopted a mission statement for the TIF Board, 2. Reviewed and recommended the 2411 Annual Report to City Council. 3. Received briefings on: 82°a Legislature changes to Chapter 311 of the Texas Tax Code, the East Hickory Street Corridor Project, the proposed Denton Arts Wallc of Fame, the annual ad valorum revenue of TIRZ Number One, the proposed Street Bond election, and the City's purchase of property located at 300 E. McKinney. Budget and Spending Status The Downtown TIF District has established in its Proj ect 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. In 2012, $54,820 was collected; no expenditures were made. 2012 Work Program No projects were initiated in 2012; no funds were expended. Year Amount Collected Amount Spent 2011 $15,871 $0.00 2012 $54,820 $0.00 Totals $70,691 $0.00