HomeMy WebLinkAboutR2014-007sAlegal \our documents \resolutions \14 \downtown ti£doc
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
APPROVING THE 2013 TAX INCREMENT FINANCING REINVESTMENT ZONE
NUMBER 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 January 24, 2014, the Downtown TIF District Board reviewed and
recommended approval of the 2013 Annual Report for Tax Increment Financing Reinvestment
Zone Number One to the City Council; NOW, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. The 2013 Annual Report for Tax Increment Financing Reinvestment Zone
Number One (Downtown TIF), City of Denton, Texas, as of December 31, 2013, 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 2013 Annual Report
for Tax Increment Financing Reinvestment Zone Number One to the Chief Executive Officer of
each taxing jurisdiction that levies tax on real property in the District; and to the Attorney
General of Texas and the State Comptroller, as required by state law.
SECTION 3. This resolution shall take 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.
sAlegahour documents\resolutions\14\downtown tifdoc
PASSED AND APPROVED this the day of .
-,F2014
,-e&
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY:
API`RiE�FD) A,1�O LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
BY,
"OW
Page 2
Tax Increment Financing Reinvestment Zone Number One
(Downtown TIF)
2013 Annual Report
City of Denton
Economic Development Office
215 E. McKinney Street
Denton, Texas 76201
940 - 349 -7776
--
January 1, 2013 to December 31, 2013
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. 2014 Work Program
Reinvestment Zone Number One
Downtown Tax Increment Financing District
Legend
' T1 Boundary
- Centerline Streets
UM
l r
- — Wee This map is a graphic representation prepared by the City of Mnion and in intended for use orgy as a reference, Data deploted
0 0.05 0.1 0.2 0,3 0.4 Is not guaranteed for accuracy and maybe sutleot to revision at anytime without noffficatlon, ARagletaradStuvoyarforthe
State of Texas was not consulted. For survey level accuracy, supervision and cerfilicallon of the produced date by o Registered
Professional Land Surveyor for the State of 7bxas would rbed to be performs
3
'1
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 City's participation is as follows:
Years 1 -5
100%
Years 6 -10
95%
Years 11 -20
90%
Years 21 -30
85%
I1
During calendar year 2013, $145,506 was collected after the end of the supplemental period
determined by the City of Denton; no funds were distributed.
According to DCAD supplemental figures, the 2013 total appraised valuation of taxable real
property in TIRZ Number One was $100.5 million. This represents a $4.2 million increase from
the 2013 certified value of $96.3 million. The annual TIRZ fund contribution for 2013 is
$145,506. Since its inception, the value of the TIRZ has increased an estimated $21.1 million,
which represents a 26.6% increase in valuation.
1' i1I 1 =1
The Downtown TIF Board met one time in 2013, on June 14, 2013:
Board Member List and attendance
Pete Kamp — City Council Member (Attended 1 of 1 meeting)
James King — City Council Member (Attended 1 of 1 meetings)
Bob Moses — Property Owner (Attended 1 of 1 meetings)
Virgil Strange — Property Owner (Attended 0 of 1 meetings)
Marty Rivers — Chamber of Commerce Member (Attended 0 of 1 meetings)
Hank Dickenson — Chamber of Commerce member (Attended 0 of 1 meetings)
Harold Strong — Qualified Voter of the City of Denton (Attended 1 of 1 meetings)
4
During 2013, the TIF Board took the following action on items:
Received briefings on: preliminary annual ad valorem value of TIF Number One,
dangerous building citations from Code Enforcement, openings and closings of
downtown businesses.
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 2013, $145,506 was collected; no expenditures were made.
2013 Work Program
No projects were initiated in 2013; no funds were expended.
TIF Valuation and Annual Contribution History
5