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HomeMy WebLinkAbout19-387S:ALcg�xl\Ocxc� Dacuw77e¢�2s\Res�Icrti�rrAs\1�1�4.nP�rual C2eport resolution.dou A RESOLUTION OF THE CITY COLINCIL OF THE CITY OF DENTON, TEXAS, APPROVING THE 2017-2018 TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE (DOWNTdVVN TIF} ANNUAL REPORT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Denton recognizes the importance of its rale in local economic development initiatives and programs; and WHEREAS, the City has established Tax Increment Financing Reinvestment Zane Number One (Dawntown TIF) (the "District") and established a Board of Directors (the "Board") for the District to promote development or redevelopment in the downtown area pursuant to Ordinance No. 2010-316, authorized by the City Council on ecember 7, 2010, as provided by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as amended; and WHEREAS, an December 7, 2010, the City Council authorized the Project and Finance Plans for the District; and WHEREAS, the Tax Increment Financing Act specifies that the governing body af a city shall submit an annual report an the financial status of the district to the Chief Executive Officer af 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 23, 2019, the District Board reviewed and recommended appraval of the istrict 2017-2018 Annual Report to the City Council. NOW, THEREFO E, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION l, The 2017-2018 Annual Report for Tax Increment Financing Reinvestment Zone Number One (Downtown TIF}, City of Denton, Texas, as of January 23, 2019, a capy of which is attached hereto as Exhibit A, is hereby accepted. SECTION 2. The City Manager, ar his designee, is hereby authorized to submit the 2017-2018 Annual Report for Tax Increment Financing Reinvestment Zone Number One (Downtown TIF) to the Chief Executive Officer of each taxing jurisdiction that levies tax on real praperty in the District; and to 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. � solution was ma heb� ,,�>I�dt������� �� ��, ��� �� � �°� " � and The motion to ��a� �� a.�^�r� this re y_ �,,�,� �,� ��� _ seconded bY °���� "� � ..�� � ,�� ���'� � ���,�� .,,__._ , �° , � �° ���xm�wa� ����� approved by t���.w �«ll���n�i��� r������ A �r� �� �� '� ���,� Mayor Chris Watts: Gerard Hudspeth, District 1; Keely G. Briggs, District 2: Don Duff, District 3: John Ryan, District 4: Deb Armintor, At Large Place 5: Paul Meltzer, At Large Place 6: Aye Nay �� .. � ��; Abstain Absent _ Y _ . .. �......... .�.... __., 2019. PASSED AND APPROVED this the ���� da of __ � �, � u� � � �, ��� .m.mm ......_ _. � ��-- ...� ......... .... ...... �... CHRIS WATTS, MAYOR ATTEST: RACHEL WOOD,INTERIM CITY SECRETARY � . �._ � �� .� � a�� ��� � �� �� �: . � � � � ,� �° � � r � BY: , .' „r�....:� ".�. ,.. �� �� � � � � � � �� � �� , APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY ,.;,� � „� � �,� BY: �,° a������ ��; �,�,.��� a�� �"��� �.�:'�: . �,.� S:\Legal\dur Dacuments\Resolutions\19\Anmral Report resolution.dac 2017-201 � Annual Report for T`ax Incr� �nt Financing einvest �nt Zone l�u b�r One ( ownto TIF) City of I�enton, Texas Tax Increment Financing Reinvestment Zone Number One (Downtown TIF) 2017-2018 Annual Report Photo by Michael Leza 1 i 1 ' ` 1 1 1 �' 1 1 �''1 . � ' 1 � , � � �,� ,� �, �����c��������.��� October 1, 2017 to September 30, 2018 � � � � . �- �, �. ,� R . , ! . �. � � � � i 1 ,, ,.; � �+ � �� � �;' �� 1 ��` , 1�� �; � � ! i � i � � 1 ,!; . i ' � � ! ;� - � i , , + Legend TIF Boundary - Centerline Streets perty Description Acreage w/or w/o Agr use Cable Company Duplex Exempt Gas Company Multlfamlly Phone Company Real and Commercial Single Family Townhome Vacant Commerclal Lots �,� r �,,,, � �i �� :_� u I Miles Thls map le a praphb repreaentatbn preparotl by the Clty of Denton antl le Intendetl fw uee only as a roferonce. Date deplcted 0 0,05 0,1 0.2 0.3 0.4 le not guerenteed fa ecouracy and may be eubJect to rovlslon at arry tlme wlthout notlfloetlon. A Repleterod Surveyor for the 9tate of Texae wae not coneulted. For 9urvey level eccuracy, supervlelon end certlHcatlon of the produced deta by a Repleterod Profeeelonel Land 9urveya for the Stete of Texae would naed to be peAormed � �i 1 . . �` 1 �` � �� 1 � 1 1` � 1 . i 1 � � i i � . � � . . � . � .�. � 1 � . . � . . . � �` ` �� ` . � ..r�. . �i . . �� � � : ` � 1 f 1 i !� . ., 1 . �� ,� � i ` . ` iM � ` � ` i ` ' � I � .�, ., i �i,^ � 'r � 4 f . i-,. � ` -� . 1 r` 1 . 1 - , i. � � ' ir � . . � 1 - , ��. � �� w 4 � ���� `� �� ��� #� � , .. .. ��! 4 ..�,.., 1 ♦ �, � " , � ;'� ' `�t y E` 11 � . i . r `11 1; , .; 1. ,`. 1 . -, I`i1 -� . . . .� � . . 11 1` � Ii` � � `� 'i ` �. � i r i . i, .;1� . � � ,, ►-i� ` ` �' . � � ; l • # �' -J � . 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Virgil Strange, Property Owner a ickenson, Cha ber of Co erce e ber Sara Bagheri, City Council Member Ben Esely, Business Owner aul eltzer, ualified Voter t r t , oard e ber f_.i�� an attendance ►, . :� � r` . � � �; - �, - �- I' � • ,, - w � • ~ •, � , �i. �; � . . _ rc :` ' �r` • . � . .r � ' � . * . 1 r ��M i���, � f.� i�i� :. � 1` . � . � f, . � 1 � 4` 1 i� ' � . � . � � � . � . . . .1 � � ��` � � i i ' �i �' � 1 1 « � i� � :�, � �� � � � � , ;r � .. . .� r - • � � - . . . .� . � - . - � . �;� � ,, . . � .�, � � i� i ` � 1� 1 . �. � . � `�� 1 i .i . y. ` � ` � . � . � *,. � �. � �., i ! . i � i � � j ` M ` 1 � � � � � . i 1 � 1 . � . � . ., . .. �� r � �. � 1 � � . i � ` �� . . 1 . ` i� � ` . ! 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R � 1 11' . � - , - . - . � � �� � . . . , - ! -� - �.� 1 � .��� �� � � . - 1 - ; . � . � . . . 1 • �, i f ► . . . �; � . . �' � �, t . . «, �. . 1 1 � i �` . �'� � � ` ` 1 i. � i. 1 .1Ai `i � �, ` r � � ,: ` � � i ", i1 1 .� . � " �! � r . . . + r •� . :_ .1i . � . r< �.N F �` �� �: � � ' I ` � i 'r ; i . I �r i � i �, �. 1 1 1 '� � � . � < . � i � � i . . � «; . . � r . i ' i . 1 1� ` �r � � - � - � � �< . � ` '. . w �•: :i. �. • . r. � �`: � ` ♦ . .r� � . � � � . . . w i. . . . . 'w1 � . � -� . . �.. r. �w = . � � . r� �► i . � � r • :� � '-,� . , � - M� � :�. r � . ,, � . � � ()n T)ec�mb�r �, 2017, City Council m�t and r�vi�wed the �Sropased Capital Improvem�nt �r�jects, using awnto TIF fun s in th� a a t of $1,466,�4�, an gav� staff dir�ction to proce�d with the following proj�cts: � � . . � � �► � - . • , � <�� .� . . . !' . � . ��w� . . � �. � Proj�ct B: Ivlorth Elm, north of the �qu�re: sidewalks repair or replacement, AI�A r�mps, and pedestrian scale lighting fro �st ak to Parkway. �roject C: Pedestrian scale lighting on �st ak Stre�t, w�st of th� Squar�, fra th� 200 block to th� �ast si � of C oll oul�vard. � � � �`1„ + y � � 1 1 1.; . . 1` r !� i� � ! r. ,� � . � • �,i ` 4 .; . .1i ! •' � � ` � i. � � i, < ! 1 . a � �� � � 4 i � i ' 1 � � . f 1 ; ♦ � . � � N' + � � � . � « �* . . � 1 1 �w'4 � � . 1 '� 1 ' �'. . F � . ,� �, 2018 Work Program The TIF Valuation and interest contribution into the TIRZ fund are illustrated in the table that follows. Interest income through 9/30/18 Total Fund Balance at 9/30/18 is $123,665 *95Y contribution from decreasing ratio begins E3