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Home My WebLink AboutR2015-004sAlegal \our documents \resolutions \I5 \downtown of 030315.doc RESOLUTION NO. R2015 -004 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, APPROVING THE 2014 TAX INCREMENT FINANCING REINVESTMENT ZONE NUNMBER 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 State Comptroller; and WHEREAS, on January 16, 2015, the Downtown TIF District Board reviewed and recommended approval of the 2014 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. That the 2014 Annual Report for Tax Increment Financing Reinvestment Zone Number One (Downtown TIF), City of Denton, Texas, as of December 31, 2014, a copy of which is attached here to (Exhibit A), and is hereby accepted. SECTION 2. That the City Manager is herby authorized to submit the 2014 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 State Comptroller, as required by state law. SECTION 3. That 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. s: \legal \our documents\resolutions \15 \downtown of 030315.doc PASSED AND APPROVED this the --- 5) day c,f 4A &A� 2015. f^ C1111 19l �u Al "I °S, MAYOR ATTEST: JENNIFER WALTERS, CITY SECRETARY BYw� "il) M Al a'l 1 '0 LEGAL FORM: ANITA BURGESS, CITY ATTORNEY BY �° 0, EXHIBIT A Tax Increment Financing Reinvestment Zone Number One (Downtown TIF) 2014 Annual Report City of Denton Economic Development Office 215 E. McKinney Street Denton, Texas 76201 940 - 349 -7776 www.dentq!jgdp&M January 1, 2014 to December 31, 2014 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 I TIF Boundary - Centedlne Streets f r t Miles This map Is a graphic repress Mellon prepared by the City of Denton and Is Intended for use only as a reference,. Data depicted 0 0.05 0..1 02 0,3 0.4 Is not guaranteed for aocuracy and may be subject to revision at any time without notification. A Registered Surveyor for the State or Texas was not consulted. For Survey level accuracy, supervision and certification of the produced date by a Registered Professional Land Surveyor for the State of Texas would need to be performed 3 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 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 2014, $258,053 was collected after the end of the supplemental period determined by the City of Denton; no funds were distributed. Value and Increment Summary According to Denton Central Appraisal District (DCAD) supplemental figures, the 2014 total appraised valuation of taxable real property in TIRZ Number One was $116.8 million. This represents a $16.3 million increase from the 2013 supplemental value of $100.5 million. The annual TIRZ fund contribution of property taxes and interest income for 2014 is $258,160. Since its inception, the value of the TIRZ has increased an estimated $37.4million, which represents a 47.1 % increase in valuation. Summary of TIF Board meetings The Downtown TIF Board met on January 3, January 24, 2014. Board Member List and attendance Pete Kamp — City Council Member (Attended 1 of 2 meeting) James King — City Council Member (Attended 0 of 2 meetings) Bob Moses — Property Owner (Attended 2 of 2 meetings) Virgil Strange — Property Owner (Attended 1 of 2 meetings) Marty Rivers — Chamber of Commerce Member (Attended 2 of 2 meetings) 4 Hank Dickenson — Chamber of Commerce member (Attended 2 of 2 meetings) Harold Strong — Qualified Voter of the City of Denton (Attended 2 of 2 meetings) In May 2015, changes were made to the TIF Board to reflect changes on City Council. The new TIF Board met on June 27, 2014. Board Member List and attendance Chris Watts — City Council Member (Attended 1 of 1 meeting) Kevin Roden — City Council Member (Attended 0 of 1 meeting) Bob Moses — Property Owner (Attended 1 of 1 meeting) Virgil Strange — Property Owner (Attended 1 of 1 meeting) Marty Rivers — Chamber of Commerce Member (Attended 0 of 1 meeting) Hank Dickenson — Chamber of Commerce member (Attended 1 of 1 meeting) Harold Strong — Qualified Voter of the City of Denton (Attended 1 of 1 meeting) During 2014, the TIF Board took the following action on items: Received briefings on: preliminary annual ad valorem value of TIF Number One, East Hickory Capital Improvements, a business prospect for the downtown area, and 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 2014, $258,160 of property taxes and interest income was collected; no expenditures were made. 2014 Work Program No projects were initiated in 2014; no funds were expended. The TIF Valuation and interest contribution into the TIRZ fund are illustrated in the table that follows. Please note that the 2014 contribution into the TIRZ fund will change slightly once the November and December interest have been accounted for. Certified and Su Weinental. TIRZ No. 1 Contribution Summa 2010 79,356,854 ........... 79,356,854, N/A N/A N/A 2011 81,657,808 80 .1331,050 $974,196 6,720 17 6,737 2012 89.605.635 93,040,263 ............ $13,683,409 94,381 297 94,678 — .... . ........ 2013 96,287,950 100,452,300 $21,095,446 145,506 1,084 146,590 2014* 114.885.073 . ........... 116,769,435 $37,412,581 258.053 107 258,160 Z06,165 Totals $35,753,051 504,660 11,505 *Denotes that interest is YTD through October 2014 11